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Short Sales - they can't cut your commissions IF. . . . .

By
Mortgage and Lending with V.I.P. Mortgage

Short sales - they can't cut your commission IF. . . . .the loan is owned by Fannie Mae!  Fannie Mae issued a memo last FEBRUARY that said the servicing lender cannot require the realtors to cut their commission below what was negotiated between the seller and the listing agent unless it was over 6%.

Click on this link to read the notice from Fannie Mae.  The part about commissions is near the middle.

 https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf

To find out if the property you are working with has a loan owned by Fannie Mae go to

www.fanniemae.com/loanlookup

Working with short sales is frustrating enough and takes way too long for them to force you to cut your commissions.

Happy selling!

 

Posted by

Jane Penttinen, Sr. Loan Officer
NMLS #222178
Sunstreet Mortgage, LLC
520-547-4150

Jane Penttinen (Sunstreet Mortgage, LLC - Sr. Loan Officer): Loan Officer in Tucson, AZ 

If you, your friends or family require the services of a mortgage professional, please don't hesitate to call me.  I am never too busy for any of your referrals.

BK090736      

APRIL BAILEY
RE/MAX 1ST OLYMPIC - Lynchburg, VA

Good information Jane.  We have some short sales in our market--not as many as others!  We really need to stay on top of the short sale/foreclosure  protocol!  Seems like it's feeling your way through as you go kind of thing!

Sep 11, 2009 07:52 AM
Jane Penttinen
V.I.P. Mortgage - Tucson, AZ
NMLS #222178

Hi April!  Thanks for being the first to comment.  Really - they should change the name from "short sale" to "endurance sale".  And I am just hearing too much about many of the banks telling the agents to cut their commissions.  Not good!

Sep 11, 2009 07:55 AM
Michael Rohde
Sunstreet Mortgage LLC. Licensed Mortgage Professional - Tucson, AZ

Good news for agents. Is this the one we were working on that day trying to put the PDF on AR?

Sep 16, 2009 07:28 PM
Jane Penttinen
V.I.P. Mortgage - Tucson, AZ
NMLS #222178

It is one and the same.  Never could get it to work so I just had to improvise.

Sep 17, 2009 04:24 AM
Kathryn Acciari
Central One Federal Credit Union - Shrewsbury, MA
Mortgage Loan Originator

Jane, thank you for sharing this.  It is good to know!

Sep 20, 2009 02:22 PM
Jane Penttinen
V.I.P. Mortgage - Tucson, AZ
NMLS #222178

Good Morning Kathryn - Everyone has to work way to hard on short sales for the lenders to mess wiht commissions.  It's just not fair.  Let's hope they start getting some common sense.

Sep 21, 2009 02:24 AM