On February 24, 2009 Fannie Mae published Announcement 09-03. This Announcement highlights recent or upcoming changes to their Servicing Policy. The document talks about five changes, but only one of them applies to Phoenix real estate agents. According to the document:
No Negotiation of Preforeclosure Sales Commission
Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
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 was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales.
This is great news and it’s about time! Agents put so much time, effort and patience into these sales. This should never have been allowed in the first place. Thank you Fannie Mae for understanding and changing your Servicing Policy.
Whoa Hoo!! Great news to start the weekend with. I have a Fannie Mae short sale in the works right now. It is nice to have our hard work recognized. Thanks Fannie Mae!
[...] publishes No Negotiation of Preforeclosure Sales Commissions – Woot! (Freddie Mac would follow – see [...]