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 companyâ€™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 GSEâ€™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.
â€œHome Path Online Offers provides increased transparency and efficiency in the submission process for our real estate partners and prospective buyers,â€ said Jim Tiegen, VP of Fannie Maeâ€™s REO regional offices. â€œThis online pilot is a critical step toward ensuring that all buyers have the same experience making offers and purchasing homes.â€
Foreclosure problems continue to worsen, and theyâ€™ve left the nationâ€™s largest mortgage company with a glut of repossessed homes. As of the end of the third quarter, Fannie Maeâ€™s inventory of REO homes stood at 166,787 properties.
Just three months earlier, the GSEâ€™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.