"Is it true that FannieMae has told banks (loss mitigators) to pay listing agents their commission on short sales?" What about FreddieMac? How do I know if my seller/borrower has a FannieMae or FreddieMac loan? Mike D. Las Vegas, NV Yes! According to FannieMae, "preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to the real estate to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6% of the sales price of the property in aggregate." The policy went into effect on March 1st, 2009. For FannieMae Loans go to: http://loanlookup.fanniemae.com/loanlookup. We're waiting for FreddieMac to make a similar announcement. For FreddieMac loans go to: https://ww3.freddiemac.com/corporate
Steven Kitnick offers in-class continuing education and training for Nevada real estate licensees, as well as online courses for licensees & pre-licensees throughout the United States. Visit: www.NevadaCE.com
2 Comments on How do I Know if My Seller/Borrower has a FannieMae or FreddieMac Loan?
JUL
21
2009
It's a great service to publish this type of information on Active Rain Steven. Although I already had these site addresses, I'll bet many didn't. Thanks for posting.
Hi Steven. I came across this information last week somewhere, probably on here. Thanks for the increased visibility on something that seems not to be well known.
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It's a great service to publish this type of information on Active Rain Steven. Although I already had these site addresses, I'll bet many didn't. Thanks for posting.