Short Sale Lenders CANNOT reduce Realtor® or Agent’s Commission – New LAW
NOTE that this law went into effect March 1st and applies ONLY to loans backed by Fannie Mae. From the C.A.R. Newsline issue emailed on 04 March 2009:
“NO MORE COMMISSION REDUCTIONS FOR FANNIE MAE SHORT SALES
Fannie Mae loan servicers no longer can require real estate brokers to reduce their commissions as a condition to a short sale approval. The new policy was effective March 1. According to Fannie Mae, the closing of a pre-foreclosure sale cannot be conditioned upon a reduction of the real estate commission to a level below what the listing agent and borrower negotiated. An exception applies if the total commission is more than 6 percent of the sales price.“This good news may be tempered by the difficulty for REALTORS® to ascertain whether the underlying loan in a short sale transaction is a Fannie Mae loan. REALTORS® may wish to ask the lender or loan servicer whether the loan is a Fannie Mae loan, and to consider submitting the Fannie Mae Announcement to the lender with the short sale package.
“For a copy of Fannie Mae’s Announcement 09-03 (Servicing Guide, Part VII, section 504.02), go to https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf. For a list of Fannie Mae lender partners in California, go to http://www.fanniemae.com/flApplication/fanniemae/findLender.jsp?p=Find+a+Lender+Search/.”
SELLERS & AGENTS: If you want to find out if your mortgage loan is backed by Fannie Mae call 1-800-7FANNIE (732-6643) from 8am to 8pm EST. For Freddie Mac info call 1-800-FREDDIE (373-3343).
Sellers, if you want to sell your home instead of letting the bank forclose on your mortgage loan, please contact me and I can guide you in the right direction. I can educate you about the short sale process and recommend a great agent in your area!
Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice
Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook “Stop Foreclosure Fast: Solutions to Save your House“Text copyright © 2009 R.P. Brown, All Rights Reserved
Regina P. Brown
Broker, Realtor®, e-Pro
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice
Text copyright © 2010 R.P. Brown, All Rights Reserved
