Fannie Mae Further Streamlines the Short Sale Process and Offers an Escalation Tool

In an effort to boost early communication and transparency, Fannie Mae is working to further streamline the short sale process by asking listing agents to register their accepted short sale offers at www.homepathforshortsales.com. Here, agents can “provide short sale offer information, such as property address, MLS listing information, offer details and subordinate lien information” and “upload scanned copies of the sales contract, estimated net sheet or HUD-1 settlement statement and borrower authorization form.” 

Additionally, Fannie Mae is offering an escalation tool for agents who encounter challenges in the short sale process, such as servicer delays or valuation disputes. Since the rollout of the escalation tool last February, Fannie Mae has successfully closed over 10,000 short sale cases. Requests for assistance with a short sale challenge can be submitted at www.homepathforshortsales.com/hpshortsaleinquiry.html

To read the full press release, go to http://bit.ly/ZQ0ZG5.

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