My Florida Regional MLS Now Offering Fannie Mae Short Sale Assistance Desk to its Members

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My Florida Regional MLS (“MFRMLS”) is pleased to announce its participation in the Fannie Mae Short Sale Assistance Desk (“Assistance Desk”). The Assistance Desk will help MFRMLS real estate professionals quickly resolve issues on Fannie Mae short sales that may arise after a short sale offer is made.

The Fannie Mae Assistance Desk is amazing. I submitted a request Tuesday and had two calls from the servicer the next day.

My Florida Regional MLS (“MFRMLS”) is pleased to announce its participation in the Fannie Mae Short Sale Assistance Desk (“Assistance Desk”). The Assistance Desk will help MFRMLS real estate professionals quickly resolve issues on Fannie Mae short sales that may arise after a short sale offer is made.

“Our partnership with Fannie Mae’s Short Sale Assistance Desk marks an important step forward to helping homeowners and our members avoid the frustrations and complexities that are so common in short sale transactions,” said MFRMLS CEO, Merri Jo Cowen. “With access to the Assistance Desk, members will be able to resolve cases where the short sale approval channel has slowed down.”

Fannie Mae launched the Assistance Desk to streamline the short sale process when issues arise, such as a slow down in the process or the existence of a second lien. The initiative leverages relationships between participating MLSs, like MFRMLS, and their members to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website. Participating MLSs also provide Fannie Mae with data to improve property valuations and make quicker approval decisions on short sale requests.

“This initiative complements our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure,” said Fannie Mae vice president, Marcel Bryar. “The Assistance Desk will expedite timely resolution of short sales transactions, with many less complicated cases resolved in just a couple of weeks.”

The Short Sale Assistance Desk staff will only accept cases involving properties with a first-lien owned by Fannie Mae, and the servicer must be in receipt of a valid offer for the property. Real estate professionals who submit cases must be a member of MFRMLS, must be the listing agent for the property, and must obtain a signed Borrower Authorization Form from the homeowner(s). A case may also be submitted to the Assistance Desk if the real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet.

“The Fannie Mae Assistance Desk is amazing,” said Marty Hunt of Orlando, Florida. “I submitted a request Tuesday and had two calls from the servicer the next day. I was in the field showing houses but she called the second time because I had not called her back quickly. That's what I call responsive! And she couldn't have been more helpful.”

“The Assistance Desk is fantastic,” said Sylvester Harding of Orlando. “I have a 90% resolution rate. I don’t know why other agents are not using it. I absolutely love it.”

“This was a fantastic experience,” said Michele Herndon of Tampa, Florida. “The reps were helpful and responded quickly to emails and phone calls. We got the short sale issue resolved quickly and painlessly, many thanks to this process.”

“We expect real estate professionals to first make a reasonable effort to resolve issues by working through the servicer, but the Assistance Desk staff will help in the event the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date,” said Bryar.

To learn more about the Short Sale Assistance Desk, including the eligibility criteria and process for submitting a case, please visit MFRMLS website at http://mfrmls.com/ssad.

*About MFRMLS*

My Florida Regional MLS (MFRMLS) is Florida's largest multiple listing service with approximately 34,000 subscribers in 13 central and southwest Florida counties. Owned by 15 shareholder Realtor boards, MFRMLS offers a comprehensive suite of productivity and marketing tools to professionals in the real estate industry. To complement its core residential offerings, MFRMLS operates a commercial information exchange, called My Florida Commercial Real Estate, located at http://www.mfcre.com. MFRMLS also operates a consumer home buyer website called MyFloridaHomesMLS.com (http://myfloridahomesmls.com). For more information, visit http://www.mfrmls.com.

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