Hi Donna,

FannieMae has had access to MLS records nationwide for a while now.  Lenders use FannieMae's automated underwriting systems (AUS) to streamline the underwriting decision.  For example, the AUS decisions will sometimes provide feedback to the lender if  the property value "may be excessive" - the lender's underwriter must then perform additional due dilligence to validate the appraisal value or sales price. 

I am not at all surprised that Countrywide (now Bank of America) is streamlining the short sale process and using the MLS records.  My guess is that it will work best on homes that are in a planned community where values are very similar.  It may not be available on something that is custom built or unique.  For years, Countrywide had invested more capital than any other lender in technology and automation to achieve the production volume that put them at the top of the competition.  It makes sense that FannieMae would take advantage of that technology to push through the inventory of distressed homes - it's all good...  I am not aware of any other lenders that are doing that for loan servicers.  I do kow that Chase has scrubbed it's entire servicing database against the Fanniemae AUS for loans that qualify for a refinance under the Making Homes Affordable program.

How are sales out in your neck of the woods (Casa Grande?)  Let me know if I can help you - we are a FHA and Rural Housing lender.

Julie