FANNIE MAE ANNOUNCES NO NEGOTIATION OF PREFORECLOSURE SALES COMMISSIONS
Effective March 1, 2009, the approval and closing of short sales will not be conditioned on the willingness of the listing firm to alter its fee arrangement with the borrower, as long as the total commission does not exceed 6%.
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 the 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.
--Fannie Mae Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
For more information go to https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf