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Fannie Mae Stops Short Sale Commission Reductions

Starting March 1, 2009 the loan servicers on Fannie Mae loans cannot require brokers to reduce their commissions as a condition of the short sale approval.  Exception is if the total commission is more than 6%.

Ask if it is a Fannie Mae loan and if so sendover the Fannie Mae Announcement with the short sale package.

For a copy of Fannie Mae’s Announcement 09-03 (Servicing Guide, Part VII, section 504.02), please click here.

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  1. Lisa says:

    I am a broker that has a short sale with a Fannie Mae loan that finally got approved after 7 months, but I am being told that as a condition of that approval they are reducing the commission from 6% to 4%. I have followed the recommended steps of forwarding the 09-03 announcement and giving the negotiator the contact information for the Fannie Mae Resource Center. My question is, what if they still refuse to restore the commission? I hate to hold up the closing for my buyer. What recourse do I have to remedy this?