The servicer must evaluate a borrower for a short sale in accordance with D2-3.3-01, Fannie Mae Short Sale.
The following table outlines the required servicer actions to request Fannie Mae’s prior written approval for a short sale as a non-delegated case.
Submit the following through Fannie Mae’s servicing solutions system:
Note: If the borrower has non-retirement cash reserves greater than $50,000, the servicer must specify that when it submits the case. Specifically, the servicer must enter the dollar amount, as applicable, in the “assets” fields in Fannie Mae’s servicing solutions system.
Send the same information submitted through Fannie Mae’s servicing solutions system and any required documentation to the mortgage insurer by overnight mail delivery (whenever possible).
Note: Fannie Mae and the mortgage insurer must be notified of a sales offer immediately and simultaneously to avoid jeopardizing Fannie Mae’s claim under the MI contract.
Obtain the letter including the terms and conditions of Fannie Mae’s decision through Fannie Mae’s servicing solutions system. This letter will be available shortly after Fannie Mae receives the servicer’s recommendation.
For more information please see Servicing Guide F-1-25: Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System.