On the morning of Monday, June 4, FNMA will launch their new FNMA Short Sale Assistance Desk (SSAD) case submission site. Access to the new site will be through the Links pane on the Classic or MLS Dashboard on flexmls® Web.
The submission guidelines remain unchanged: the property must have a first lien owned by Fannie Mae. (There is a loan lookup link on the flexmls Dashboard to determine if the loan in question is owned by Fannie Mae.) Only post offer issues can be submitted. The servicer must be in receipt of a valid offer for the property. Submitter has to be the listing Agent and an active member of ARMLS.
Cases can only be submitted if the servicer has not provided an initial response to the Agent within 20 days, a final property valuation within 30 days, a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date, or if the Agent has received an approval from the servicer, but the MI or second lien holder has imposed a closing condition that is not possible for the borrower to meet.
A Little History
Since ARMLS launched its SSAD, close to 300 cases have been submitted, and almost 200 of them have closed/been resolved. The remaining 100, were rejected for failing to meet eligibility requirements or are still active within the SSAD.