Commissions Secured: On March 1, 2009, Fannie Mae instituted several new policies-one that included securing commissions for real estate agents. According to this newer Fannie Mae policy, “closing of pre-foreclosure 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”.

Fannie Mae Mortgage Lookup Tool: Fannie Mae has created a tool for mortgage borrowers to use to determine whether their loan is backed by Fannie Mae. With the consent of your sellers, you may use this tool to look up this information pertaining to your listings. To access the Fannie Mae Mortgage Lookup Tool, visit FannieMaeLoanLookup.com. You can also access this tool from Realcomp’s corporate website by clicking “Industry Links” & “Fannie Mae Loan Lookup”. Realcomp also plans to add this link to the “External Research” section of Realcomp Online^® in the near future-please watch for confirmation of its addition in the coming weeks.

How to Mark Your Listings as “Fannie Mae Backed” in Realcomp Online^®:
In April, Realcomp expanded the “Other Features” feature group in Realcomp Online^® to include the “Fannie Mae Backed Mortgage” option. This new feature now appears in the Listing Load module (for listing load and maintenance purposes) for all five (5) property categories (i.e. Res, Condo, V. Land, Com, & M. Family).

Based on this implementation, you may now update your listings in Realcomp Online^® to include this important selection!

Realcomp plans to add the “Fannie Mae Backed Mortgage” option under “Other Features” in the Instanet Online Forms module in the coming weeks-watch for confirmation of its addition in the coming weeks.

How to Search for “Fannie Mae Backed” Listings in Realcomp Online^®:
Once Realcomp Subscribers begin updating their listings in Realcomp Online^® to reflect those with “Fannie Mae Backed Mortgages”, you will be able to search for properties that meet this specific criteria. When doing a search, simply click the “Additional Fields” button and double-click the “Other Feat” group to add this to your search criteria. Then, simply select the “Fannie Mae Backed Mortgage” setting to find properties that contain this feature. If you plan to access this search in the future, be sure to save it so you do not have to duplicate these steps each time you want to perform this search.

We will keep you updated regarding MLS Subscribers’ efforts to update listings in the database to reflect this information. We will also communicate additional news to you as it becomes available.

If you have any questions regarding this Realcomp-Fannie Mae initiative, please email our Customer Care Department or call us at (866) 553-3430.