Seterus is a mortgage servicing company that happes to handle a large volume of Fannie Mae backed notes. If you are processing a short sale and the 1st lien holder is Seterus and the note is Fannie Mae backed then they will require the file to be processed directly with Fannie Mae through their Homepath system. The Homepath system is designed to be an online platform to communicate with Fannie Mae. Under certain circumstances you will be able to facilitate a short sale through the Homepath platform and this is also where you would go when you need to contest a value completed by Fannie Mae. If you are unsure if the investor on your loan is Fannie Mae one way is to complete a Fannie Mae loan look up online. If the loan servicer is Seterus and the investor is truly Fannie Mae you will need to ensure the seller completes a Fannie Mae authorization letter in order for a 3rd party to open up a case in the Homepath System to get the short sale review underway.
If you have any questions in regards to anything short sale related, please fill out the contact form below and you will be contacted within 24 hours.