Fannie Mae Launches REO Program
Fannie Mae is testing the waters for a new program that allows real estate agents to submit offers for the company’s REO properties on behalf of their clients and track the status of the offers online.
The program is called Home Path Online Offers and is being piloted in Orlando, Florida; San Diego, California; and Detroit, Michigan.
The new feature is currently available for Fannie Mae-owned homes in these areas through the GSE’s Home Path Web site. Home Path homes are owned by Fannie Mae and include a wide selection of properties, including single-family homes, condominiums, and town houses.
“Home Path Online Offers provides increased transparency and efficiency in the submission process for our real estate partners and prospective buyers,” said Jim Tiegen, VP of Fannie Mae’s REO regional offices. “This online pilot is a critical step toward ensuring that all buyers have the same experience making offers and purchasing homes.”
Foreclosure problems continue to worsen, and they’ve left the nation’s largest mortgage company with a glut of repossessed homes. As of the end of the third quarter, Fannie Mae’s inventory of REO homes stood at 166,787 properties.
Just three months earlier, the GSE’s REO supply totaled 129,310 units. Fannie says the carrying value of its REOs during the third quarter of this year was $16.4 billion.