Fannie Mae Servicer Announcement: No Negotiation of Preforeclosure Sales Commission

Mortgage and Lending with John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. NMLS# 211187

No Negotiation of Preforeclosure Sales Commission Servicing Guide,Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what wasnegotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the salesprice of the property in aggregate. Servicers are reminded that they must continue to obtainany approvals that may be required by interested third parties in connection with preforeclosuresales.

Comments (2)

Mike Sher
Max Broock Realtors - Bloomfield Hills, MI

That is great news.  It is nice to know that Fannie sees value in what we do for the sellers and for them.

Feb 27, 2009 03:20 AM
Nancy Hankin

Three Cheers for Fannie Mae !!!

It's about time someone steps in and trys to undo this real estate related road-block we have been in. In our area of California, less than 8% of the Short Sales have closed. Most go into Foreclosure...far below the Short Sale asking price because it's been almost impossible to deal with the banks who are on over-load.

Agents have shyed away from showing Short Sales for fear of losing most of their hard-earned commissions. and Sellers get so frustated...they just walk away.

Let's hope this inches sales forwrd, once again!

Mar 05, 2009 01:20 PM