Midwest Real Estate Data LLC (MRED) has announced it has entered into an Agreement with Fannie Mae to provide its customers the Fannie Mae Short Sale Assistance Desk (“Assistance Desk”).
The Assistance Desk provides brokers and agents the ability to significantly shorten the time they have to wait for approval from Fannie Mae on short sale transactions. It helps real estate professionals with the handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.
By collecting and submitting information via a streamlined service provided through MRED, Fannie Mae has the data to help improve valuations and make quicker decisions regarding short sale requests. Currently, gaining an approval to proceed with a short sale transaction can take months. The Assistance Desk expedites the process so that a real estate professional will receive an initial response within one week confirming that the case has been reviewed.
Agents in other marketplaces have just begun to experience the benefit of using the Assistance Desk. “I have used the Assistance Desk and it was extremely helpful. They helped revive this transaction and we are set to close,” said Jason Kaspar of Prudential Sierra Nevada Properties, in Reno, Nevada. “The Fannie Mae Short Sale Assistance Desk helped my seller and me get results even after we felt like we had hit a dead end with the lien holder,” said Damian Janssen of Keller Williams Group One in Sparks, Nevada. “We were at the point where we could not even get through on the phone and were about to give up hope. After we engaged the Assistance Desk, a senior negotiator from the lien holder contacted me, falling all over himself with apologies and promises to help. We had short sale approval just 27 days later and my client is thrilled that he gets to open a new chapter in his life.”
“The Fannie Mae Assistance Desk is amazing,” said Marty Hunt, of Orlando, Florida. “I submitted a request Tuesday and had two calls from the lender 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.” Michele Herdon of Keller Williams in Tampa, Florida, said, “This was a fantastic experience. Reps were helpful and responded quickly to emails and phone calls. We got this issue resolved quickly and painlessly, many thanks to this process!”
“We are thrilled to be able to provide to our brokers and agents an extremely effective way to speed up the short sale process at no cost to them,” said Russ Bergeron, MRED CEO. “Our customers now have an escalation procedure to help facilitate and streamline short sales for many of their transactions. We are pleased this partnership with Fannie Mae will help provide an improvement in the accuracy of Fannie Mae’s property valuations and a related gain in the efficiency of short sale approvals.”
“Long approval delays increase the risk that a buyer will walk away,” said Dean Rouso, President of MRED. “Long approval times on short sales overall have led many potential buyers to avoid short sale listings altogether. By providing the Assistance Desk, MRED is helping to support the recovery of distressed communities and is providing a benefit to homeowners and the real estate professional community.”
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to over 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.