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Fannie Mae Attempts to Improve Short Sale Process
My Take: More evidence that the industry is trying to improve the short sale process and make it more efficient. I consider this only a small step in the right direction, but a good one nonetheless. We'll have to wait and see how effective the "Assistance Desk" really is.
California Realtors and Fannie Mae Launch Effort to Expedite Short Sales
04/01/2011 By: Heather Hill Cernoch
The California Association of Realtors (CAR) has partnered with Fannie Mae on an initiative designed to help Realtors resolve issues that arise after a short sale offer is made on a Fannie Mae-backed loan.The effort centers around technology from the GSE, the Fannie Mae Short Sale Assistance Desk, which provides brokers and agents the ability to shorten the waiting period for approval on Fannie Mae short sale transactions.
It also assists real estate professionals with post-contract issues, such as loan servicer responsiveness, the existence of a second lien, or problems involving mortgage insurance.
"This initiative marks another important step toward helping homeowners and Realtors navigate the complex and difficult short sale process," said Beth L. Peerce, CAR president. "The Assistance Desk will expedite a timely resolution of short sales transactions, eliminating the long approval ... more
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