Servicing Guide

Published September 9, 2020

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What are the required time frames for the servicer to evaluate a short sale and close the short sale transaction?

The following table provides the required time frames for the servicer to evaluate the short sale and close the short sale transaction.

Time Frame Requirements

Within five business days of receipt of an initial short sale offer

  • Acknowledge receipt of the short sale offer.

  • Provide the borrower with a checklist of required documentation, including any documentation required for a complete BRP, if necessary, if the short sale offer is submitted with incomplete information (see Evaluating a Borrower to Determine Eligibility for a Fannie Mae Short Sale above).

  • Refer the agent to HomePath for Short Sales to register the short sale offer.

Within 30 calendar days of receipt of a complete BRP, if required, and an initial short sale offer

Provide, in writing, Fannie Mae's response to the short sale offer, to include one of the following:

Within ten business days of receipt of any revised short sales offer

Communicate a decision to the borrower on the revised short sale offer.

Within 60 calendar days of the servicer’s approval of a short sale offer

The short sale transaction must close unless the servicer requests written approval from Fannie Mae to extend this time frame.

The servicer must follow the procedures in Requesting Approval for a Non-Delegated Short Sale Case in F-1-25, Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System for requesting Fannie Mae’s approval.

For more information please see: D2-3.3-01, Fannie Mae Short Sale

 

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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