By MRIS Compliance Department
MRIS, March 2, 2009-Recently, Fannie Mae created a new policy for its service providers on the renegotiation of commission. The new policy states:
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 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.
Information on Fannie Mae’s polices may be found at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf.
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