The New York Times rambles, and mangles mortgages along the way

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Miami Association of Realtors using Fannie Mae short-sale tool

The Miami Realtors is now using the Fannie Mae short sales assistance desk pilot program to streamline the process for South Florida agents. By adding the program, the trade group is giving its 26,000 members access to a short-sale system with bilingual tools. Short sales currently represent about 30% of all active real estate listings in South Florida, the trade group said. The assistance desk addresses servicer non-response issues and tracks information on second liens and mortgage insurance. "As the largest local Realtor association in the nation, we are excited to be able to offer all of our members in South Florida the Fannie Mae SSAD," Miami Realtors Chairman Martha Pomares said. "The SSAD benefits realtors, buyers and sellers, and the local real estate market by expediting short sales, which will further decrease housing inventory and strengthen the South Florida marketplace." The association also plans to provide Fannie Mae with data on sales to improve property appraisals and help make the short-sale approval process work at a faster pace. Write to Kerri Panchuk.

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