Update -- They require $500,000 in E&O insurance (which I have), however, they require a certain amount of reserve funds available for fixing up homes which they reimburse you for. -- They also mention that it may take YEARS before I get approved. Not worth chasing this mouse since the market is picking up. -- Thank you everyone for your input!
I've wondered that myself and would be very curious to find out the answer. I would imagine one would have to have experience buying a Freddie Mac or Fannie Mae as a buyer's agent before they could get future listings.