Five Star Institute and Fannie Mae Partner for Short Sale Program

The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae's Short Sale Assistance Desk (SSAD).

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Fannie Mae's SSAD helps expedite the process by allowing real estate agents to reach out to Fannie Mae directly for short sale approval of first-lien, Fannie Mae-backed loans. Agents can access the appropriate forms through multiple listing services (MLS).

The SSAD simplifies complex, post-offer issues that arise in regards to servicer responsiveness, second liens, and mortgage insurance.

After receiving forms through MLS, Fannie Mae reviews each case and coordinates with servicers to complete short sales when possible.

The Five Star Institute - which offers certification courses in REOs, short sales, and BPOs - will now add SSAD training to its curriculum.

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With 107,953 short sales last year, short sales continue in significant numbers this year - 35,406 as of April, according to the Federal Housing Finance Agency.

""We are committed to helping homeowners avoid foreclosure whenever possible. The Fannie Mae Short Sale Assistance Desk helps real estate professionals resolve any issues that they may encounter during the review and approval process,"" said Marcel Bryar, Vice President of Fannie Mae.

""We are pleased to leverage Five Star's expertise in using advanced training programs for agents and brokers specializing in REO, default, and foreclosure to educate them on the benefits of the Desk,"" he continued.

The Five Star Institute provides education and networking opportunities to real estate professionals through educational courses and its annual Five Star Conference and Expo, attended by more than 5,000 agents, brokers, and servicers each year.

""We are honored to work with Fannie Mae by incorporating the Fannie Mae Short Sale Assistance Desk into the innovative curricula that Five Star makes available for mortgage industry professionals,"" said Ed Delgado, CEO of the Five Star Institute.

""This is good for homeowners in distress; good for the mortgage servicers, agents, and brokers that provide these short-sale services; and good for the housing and economic recovery at large,"" he said.

(Note: The Five Star Institute is the parent company of _DS News_ magazine and DSNews.com)