02/09/2012

MRIS Launches the Fannie Mae Short Sale Assistance Desk to Expedite the Short Sale Process



MRIS is pleased to announce its participation in the Fannie Mae Short Sale Assistance Desk ("Assistance Desk"). The Assistance Desk will help real estate professionals in the Mid-Atlantic area resolve issues on Fannie Mae short sales that may arise after a short sale offer is made.

"We're excited about the opportunity to help MRIS customers expedite the short sale process. Direct access to Fannie Mae's Short Sale Assistance Desk means home buyers, sellers and MRIS customers can avoid the frustrations and delays that are so common among short sale transactions," said John L. Heithaus, MRIS Chief Marketing Officer. "By expediting the approval process, real estate professionals will get the answers they need to close short sales faster than ever before."

Fannie Mae launched the Assistance Desk to streamline the short sale process when issues arise, such as a slow down in the process or the existence of a second lien. The initiative leverages relationships between participating MLSs, like MRIS and their customers to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website.

"We are committed to helping homeowners avoid foreclosure whenever possible," said Fannie Mae Vice President, Marcel Bryar. "The Fannie Mae Short Sale Assistance Desk will help real estate professionals resolve any issues that they may encounter during the review and approval process."

The Assistance Desk staff will only accept cases involving properties with a first-lien owned by Fannie Mae, and the servicer must be in receipt of a valid offer for the property. Real estate professionals who submit cases must be a MRIS customer, must be the listing agent for the property and must obtain a signed Borrower Authorization Form from the homeowner(s). A case may also be submitted to the Assistance Desk if the real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet.

"The goal of the Assistance Desk is to clear the way for more short sales by making the process more efficient," Bryar added.

Real estate professionals should first make a reasonable effort to resolve issues by working through the servicer. The Assistance Desk staff will help in the event that the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date.

To learn more about the Fannie Mae Short Sale Assistance Desk (SSAD), including the eligibility criteria and process for submitting a case, please visit MRIS.com/SSAD.

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