Since its inception, hundreds of agents have investigated utilizing the SSAD, significantly shortening the time sellers have to wait for approval from loan servicers on short sale transactions. The SSAD assists real estate professionals with handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.
MRED developed a web-based solution that is easily adopted by other MLS organizations interested in providing the SSAD to its customers. In a short period of time, MRED’s Division of Special Projects, under its Director Chris Lambrou, has been able to provide eight MLSs a platform with which they have integrated the SSAD within their own systems.
“The MRED SSAD solution currently serves over 147,000 Realtors® across the country,” said Lambrou. “Our solution is Fannie Mae’s preferred software solution for their SSAD program. There are a number of requests in the pipeline, and MRED is committed to assisting these organizations to go live with their own branded solutions as soon as possible.” The MRED SSAD is offered in several levels – hosted by the home MLS, hosted by MRED, or hosted and administered by MRED.
By collecting and submitting information via a streamlined service, Fannie Mae now has the data to help improve valuations and make quicker decisions regarding short sale requests. Previously, gaining an approval to proceed with a short sale transaction might take months. The SSAD expedites the process so that a real estate professional will receive an initial response within days confirming that the case has been reviewed.
The MRED SSAD application is now being used in Washington DC, Maryland, Virginia, Napa/Sonoma Valley California, Minnesota, Fort Lauderdale, Miami-Dade County, Southeastern Michigan and Rhode Island. This is, of course, in addition to Illinois, where it originated with MRED.
“We are very pleased to offer a service that benefits brokers, agents and the consumer,” said Russ Bergeron, MRED CEO. “As a ‘Public Service App’, the SSAD provides the ability for any MLS to offer a service that benefits their members as well as consumers.”
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Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the largest multiple listing service by listing volume to almost 8,000 real estate offices and nearly 40,000 customers, including brokers, agents and appraisers.
