HomePath for Short Sales
Streamlining the Fannie Mae Short Sale Process
Want help with an issue that's delaying the short sale process? MRIS partnered with Fannie Mae to bring you HomePath for Short Sales (formerly SSAD). HomePath is designed to resolve issues on Fannie Mae short sales faster than ever before by allowing you to submit your eligible cases directly to Fannie Mae!
Fannie Mae developed HomePath to assist real estate professionals in handling post-offer short sale issues that may relate to a lack of servicer responsiveness, the existence of a second lien, or issues involving mortgage insurance. Fannie Mae’s intervention, during the post offer stage, serves as a catalyst to keep the transaction on track for completion.
- The real estate professional must be an MRIS customer.
- The real estate professional must be the listing agent for the property.
- The property must have a first-lien loan owned by Fannie Mae.
- Only post-offer issues can be submitted. The servicer must be in receipt of a valid offer for the property.
- The real estate professional must obtain a signed Borrower Authorization Form (BAF) from the homeowner(s) and submit it to MRIS through the online form found under the External Links on the Matrix homepage.
The real estate professional must first make a reasonable effort to resolve the issue by working through the servicer.
The real estate professional may submit the case in the event the servicer has not provided:
- an initial response within 20 days,
- a final property valuation within 30 days,
- a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date,
- or, if the real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or secondary lienholder has imposed a closing condition that is not possible for the borrower to meet.
The real estate professional must address all “actionable” requests from the servicer before submitting the issue.
Where additional documentation is requested, servicer response time will be calculated starting on the date the real estate professional submitted the final documentation.
To Utilize HomePath:
- Simply use the Loan Lookup tool to look up the property to make sure it has a first-lien loan owned by Fannie Mae
- Have the homeowner sign a Borrower Authorization Form (BAF)
- Fill out and submit the online form.
Visit Matrix to complete the steps above. Direct access to HomePath is available as an External Link on your Matrix homepage or in the Short Sale Center tab in the top Matrix navigation bar. Log in to Matrix at matrix.mris.com and start saving time on your Fannie Mae short sales!
Frequently Asked Questions
1. What is HomePath?
In cooperation with Multiple Listing Services (MLSs) across the nation, Fannie Mae developed HomePath to assist real estate professionals in handling post-offer issues that may relate to servicer responsiveness, the existence of a second lien, or issues involving mortgage insurance.
2. How does HomePath work?
Fannie Mae HomePath leverages the relationship between the participating MLSs and their customers to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website.
3. What are the benefits for real estate professionals?
HomePath for Short Sales is an escalation procedure which may help facilitate and streamline the short sale process in closing short sales. It is meant to serve as a backstop to empower real estate professionals in those cases where the normal process has slowed down or stalled and where Fannie Mae’s intervention may serve as a catalyst for progress towards a resolution.
4. How long does it take to get a short sale problem resolved?
A real estate professional will receive an initial response within one week confirming that the case has been reviewed. The response will verify whether or not the case meets the submission requirements and if it will be further escalated. It is expected to take at least one week to escalate a case, but may take several weeks, particularly for mortgage insurance or second lien related cases. If a case extends beyond two weeks, Fannie Mae will provide status updates as available. Please note that neither the MLS nor Fannie Mae can guarantee a positive resolution to a short sale case.
5. How do I determine if my short sale can go through the HomePath for Short Sales escalation desk?
If you are a real estate professional seeking assistance with an active short sale, you can escalate certain short sale issues directly to Fannie Mae to get the answers you need. You should contact Fannie Mae through the HomePath for Short Sales site when:
- You are ready to list a property and need a recommended list price.
- You want to contest a value Fannie Mae has assigned to a listed property. • You haven't heard back from the servicer.
- You have an issue with an offer currently under negotiation.
- You submitted an offer to the servicer more than 20 days ago and have not received acknowledgement of it.
- Your request for a valuation has been pending with the servicer for more than 30 days.
- You have not received an acceptance, rejection or counter to an offer you submitted more than 60 days ago.
- You have a question about a Fannie Mae policy related to short sales.
6. How can a real estate professional submit a short sale case for review?
The real estate professional must first make a reasonable effort to resolve the issue by working through the servicer. The real estate professional may submit a case, using the dedicated form that is accessible by clicking on Fannie Mae HomePath located under the External Links section of your Matrix homepage, in the event the servicer has not provided:
- An initial response within 20 days;
- A final property valuation within 30 days;
- A final decision or specific direction to facilitate a decision within 60 days from the original offer submission; or
- A case may also be submitted for review if the real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or second lienholder has imposed a closing condition that is not possible for the borrower to meet.
Note: The real estate professional must address all “actionable” requests from the servicer before submitting the issue.
7. Does HomePath replace the normal approval process for Fannie Mae short sales?
HomePath is not intended to replace the normal approval channels, nor is it intended to serve as a compliance or enforcement function or as a potential appeal for decisions the real estate professional believes to be unfavorable.
8. How can a real estate professional confirm that a property is owned by Fannie Mae?
The listing agent on a property can use Fannie Mae’s Loan Lookup tool to determine if Fannie Mae owns the loan prior to completing the online questionnaire. The Loan Lookup tool can also be accessed through the HomePath link located in the External Links section on your Matrix Homepage.
9. What do I do if I have a case currently with the old Short Sale Assistance Desk (SSAD)?
If you currently have a case in process with the existing SSAD, the Fannie Mae team will work directly with you to ensure that there is no interruption in service.
For technical assistance using Fannie Mae HomePath, contact the Fannie Mae Resource Center at 1-800-7FANNIE (1-800-732-6643).