Petition to Prohibit Lender Cutting Real Estate Commission as a Pre-Condtion to Approval of a Short Sale Contract.
Certain Lenders and Mortgage Servicers are requiring Realtors to accept less than the negotiated commission rate in order to receive lender approval of a short sale contract.
In March 2009 Fannie Mae issued a Directive prohibiting loan Servicers from reducing real estate commissions from less than the negotiated rate unless that rate exceeds 6%. This Directive applies only to Fannie Mae loans. This Petition requests the Congress to enact laws and the White House to adopt regulations that prohibit lenders and mortgage loan servicers from requiring Realtors to reduce a real commission to a fixed amount or percentage rate acceptable to by a lender or servicer as a pre-condition to obtaining approval of a short sale payoff.
The Petitioners request a uniform prohibition of such conduct by banks and mortgage loan servicers.
The Petitioners request a uniform prohibition of such conduct by banks and mortgage loan servicers.
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