On February 24, 2009 FannieMae sent out Announcement 09-03 which amends Loan Servicing.
There are 5 parts to the announcement but the most important part for the Realtor community which states, "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".
This is good news for Realtors, borrowers and buyers.
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