Submit a Contract — Participating Mortgage Servicers

Submitting an Accepted Contract

Listing agents representing a homeowner on a Fannie Mae short sale should submit their "highest and best" contract with terms acceptable to the homeowner directly to Fannie Mae using the new HomePath Short Sale portal.

Below is a list of mortgage servicers currently supported by the HomePath Short Sale Portal (List not all inclusive):

What's required before submitting a contract?

• Use Fannie Mae's loan lookup tool to determine if your client's mortgage is owned by Fannie Mae.
• Obtain permission to represent the homeowner in the short sale by having them sign the Fannie Mae Homeowner Authorization form.
• Verify that your client's loan is serviced by one of the mortgage servicers listed above.
• Collect financial information and contact the mortgage servicer to determine your client's eligibility for a short sale.
• Request list price guidance from Fannie Mae using HomePath Short Sale portal.
• The property must have been listed with an active status on a multiple listing service (MLS) for a minimum of five consecutive calendar days, including one weekend (i.e., Saturday and Sunday) prior to submission of any contract to Fannie Mae.
• Check all contracts for completeness, acknowledge receipt of contract, and assist homeowner in selecting highest and best contract for submittal.

How to submit an accepted contract using the HomePath Short Sale portal:

• If you are a first time user, you will need to register and create an account to access the HomePath Short Sale Portal.
• Once logged in, click the Submit an Accepted Contract button from your dashboard and proceed to fill out all the required information on the contract registration form.
• Be sure to upload all required documents (identified above).
• Review and submit the highest and best contract with terms acceptable to the homeowner. Upon successful submission, you will receive a system generated email confirmation and you will also be able to print a receipt for your records.

What to Expect

• All cases submitted into the HomePath Short Sale Portal will be assigned a case number. You can use your username and password to login and check the status of your case.
• Fannie Mae will update the status of your case based on the results of the internal review of the contract.
• Fannie Mae may approve the contract or may counter the initial offer. If your contract is countered, all related negotiations will be conducted within the HomePath Short Sale Portal.
• At any time during contract review, Fannie Mae may request additional documents from you or make comments on your case.
• In the event that your contract is conditionally approved by Fannie Mae, you will be required to contact the mortgage servicer for final approval of the short sale.

Things to Keep in Mind

• All short sales must be an "arms length" transaction between seller and buyer.
• All parties to the sale, including closing agent, must execute the Fannie Mae Short Sale Affidavit.
• Neither seller nor buyer will receive funds or commissions from the sale of property (except approved relocation assistance for the seller).
• A deed restriction will be in place that prohibits selling the property within 30 days (at any price) OR selling the property for more than 120% of the short sale price within 90 days.
• Seller must not remain in property as a tenant or later obtain title or ownership of the short sale property.

If you are ready to submit an accepted contract, click below to enter the Short Sale Portal