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MRED Offers Service to Speed Up Short Sales

by Chicago Agent

Midwest Real Estate Data LLC (MRED) has announced it has entered into an Agreement with Fannie Mae to provide its customers the Fannie Mae Short Sale Assistance Desk (“Assistance Desk”).

papersThe Assistance Desk provides brokers and agents the ability to significantly shorten the time they have to wait for approval from Fannie Mae on short sale transactions. It helps real estate professionals with the handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.

“We are thrilled to be able to provide to our brokers and agents an extremely effective way to speed up the short sale process at no cost to them,” said Russ Bergeron, MRED CEO. “Our customers now have an escalation procedure to help facilitate and streamline short sales for many of their transactions. We are pleased this partnership with Fannie Mae will help provide an improvement in the accuracy of Fannie Mae’s property valuations and a related gain in the efficiency of short sale approvals.”

By collecting and submitting information through a streamlined service provided through MRED, Fannie Mae has the data to help improve valuations and make quicker decisions regarding short sale requests. Currently, gaining an approval to proceed with a short sale transaction can take months. The Assistance Desk expedites the process so that a real estate professional will receive an initial response within one week confirming that the case has been reviewed.

“The Fannie Mae Assistance Desk is amazing,” said Marty Hunt, of Orlando, Florida. “I submitted a request Tuesday and had two calls from the lender the next day. I was in the field showing houses but she called the second time because I had not called her back quickly. That’s what I call responsive! And she couldn’t have been more helpful.”

Michele Herdon of Keller Williams in Tampa, Florida, said, “This was a fantastic experience. Reps were helpful and responded quickly to emails and phone calls. We got this issue resolved quickly and painlessly, many thanks to this process!”

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