REO Brokers, Appraisers & Repair Vendors: FANNIE MAE REGISTRATION



Fannie_MaeWe just put another Fannie Mae listing into escrow. As the REO world shrinks, REO’s from Fannie Mae, Freddie Mac and HUD will always remain. My network buddy from Modesto has been servicing Fannie Mae for over 15 years. There might not be a lot, but one is better than nothing.

The National Foreclosure Report from CoreLogic said 52,000 homes were foreclosed in May 2013. In May there were 2,000 more foreclosures completed than in April. As of May, there were about 1.0 million homes in some foreclosure stage. As of April 2013, the value of shadow inventory was $314 billion.

I am often asked how one can sign up with Fannie Mae direct. In order to register as a REO Broker you will need to assemble the following required documents and information. You will need to upload the documents onto Fannie Mae’s online application form.

  1. Broker and Agent W9
  2. General Liability, E&O Insurance certificates
  3. Real Estate Broker & Agent license
  4. Legal company name
  5. federal Tax ID Number or (EIN)
  6. Third-party diversity certificates (if applicable)
  7. Certificates of membership to a professional organization (optional)
  8. Resume (optional)

Keep in mind that your company must be in business for at least one year and you must be able to demonstrate revenue. Your company must have a professional place of business.

If you require technical assistance, contact Fannie Mae not poncie.com

If you qualify and would like to apply, click the link below:

learn-more

Create your FREE Short Sale or REO profile at Zillow. Be seen by over 11 million visitors. 


LTLLJ Banner

21 comments for “REO Brokers, Appraisers & Repair Vendors: FANNIE MAE REGISTRATION

  1. September 18, 2013 at 7:36 pm

    Hola Poncie I guess you are pretty busy.I have a concern. Fannie Mae send me six invitation from frictionless website I fill out the application and submit all docs they requested, last invitation as now in the end of august 2013, why is that? How this really work? I donot understant why so many inviations even from homepath. Why Iam not getting approved, Iam not an REO Agent but I been subcontract by other REO Agents and I explain that in the questions. Also Iam very knowledgebable and billinguali english spanish women hispanic own company. Can you give or any of the network friend help me understanding? Thank you. By the way I am additional of Real Estate Broker Im also a Real Estate Instructor for Florida if anyone needs to get the class online google Victoria Real Estate Academy. Thanks again.

  2. Clint Stockton
    August 9, 2013 at 7:09 am

    How are Freddie Mac capital repairs handled, not who, but the actual process. I have a meeting scheduled this morning to discuss exactly what we can do for Freddie Mac REO’s in Illinois. Any inside information would be beneficial and appreciative.

    Clint Stockton

    Client Services Director

    Business Development Executive

    Inline image 1

    D & H Construction Management, LLC

    1000 Brown St., Suite 201

    Wauconda, IL 60084

    (847) 255-4002 Office

    (888) 276-6951 Fax

    cstockton@dhconstructionman.com

    http://www.dhconstructionman.com

    (765) 215-3043 Mobile (Preferred)

    (765) 273-7396 Direct Office/Fax

    Clintstockton70@gmail.com

  3. Mike Bechelli
    August 5, 2013 at 1:00 pm

    We worked on 5 Chase REO’s through ServiceLink 2010-11. We tried to get on with other asset companies that managed Chase assets.

    Most of the Chase lenders we worked with moved on. Their REO management team could care less about their REO agents. We did more to promote the “recapture” than any other Chase REO agent in our area. We documented all that we do: http://www.whatwedodifferent.info/recapture.html and tried to promote what we did to their management team.

    We attended Chase events or events where Chase top management were in attendance. We emailed the REO decision-makers at Chase. We promoted our Chase “recapture” marketing to the 6-7 asset companies that managed Chase assets during 2010-2011. Never got one call back. We documented other Chase REO listings where the Chase REO agent did no marketing let alone take good photos. Nada. Chase decision-makers could care less about marketing or an agents attempt to promote the local Chase lender.

    We get regular home listings because of our unmatched marketing to buyers. The most important part of the REO process was completely ignored by asset managers. We sold over 100 REO’s for ServiceLink. They kept us in business. Having spent thousands of dollars on res/net banner ads and pro membership, equator zip codes, Five Star conventions (travel, hotel, entry costs), designations, mailing our info to asset company decision-makers, not one callback. Thank God for ServiceLink. We treated every REO as if it were a regular home owner sale- no matter price or condition.

    So glad we are back to regular business where marketing ( http://hiddenbrooke.whylistwith.us/ ) converts to listings.
    By Mike Bechelli
    REALTOR®
    San Francisco Bay

  4. David Davis
    August 5, 2013 at 12:36 pm

    It is no secret in the industry that Chase is one of the hardest to work for and with. Their demands on brokers make the REO business not profitable for many. They try to tie the REO business to, or make it conditional upon, referring new originations to them, then they do such a poor job with the referral, that you also wind up losing the referral as a client. Lack of follow up, poor counseling, trying to cross sale any, and everything except the mortgage they were referred for, leads the referral down the road. I am a real estate professional. If Case wants to originate the REO transaction that is fine, but I refuse to ask for this kind of treatment for my clients. It is time we as agents turn the tables on these banks, and servicers. If they want the REO property liquidated, then liquidate it. If they want origination business that is fine, but one has nothing to do with the other. REO agent is selected based on their ability to service & liquidate the REO asset. You don’t go to the doctor for a hair cut, you don’t ask a plumber to fix an electrical problem. Quit asking an REO pro to originate your loans for you! Servicing REO properties (especially at the level that Chase wants them serviced) is a full time job with absolutely no time left in the day to worry about buyers to refer back to Chase, or any other lender for that matter. If you have time to generate and send the referrals, you are probably not spending adequate time on the REO asset to service it, and market it.
    By David Davis
    Associate Broker at Prudential Anderson Properties
    Houston, Texas

  5. Aaron Aveiro
    July 29, 2013 at 7:22 am

    As always GREAT info…thankx Poncie…

    • Aaron Aveiro
      July 29, 2013 at 7:24 am

      Also…We are a preservation company looking to work with Brokers and Agents in the Reno/Carson City areas of Nevada.
      Please contact me via our website if you have preservation needs…Thankx and have a great day everyone…
      aladayllc.com

  6. Maureen Hart
    July 26, 2013 at 6:38 am

    Hi Ponzie,
    I agree I love all your information, thank you, keep it coming!
    Question, I applied to Fannie Mae over a year ago, I received no reply, yes or no. I have no idea how to follow up, any suggestions?
    Thanks again, Maureen

    • July 26, 2013 at 11:47 am

      Hello Maureen,

      Fannie Mae purges their database every two years. Reapply if you haven’t heard anything.

      [poncie.com]

  7. Clint Stockton
    July 25, 2013 at 8:06 pm

    Looking to partner, possibly with a Broker in Florida, even as the 2nd employee. Successfully ran business repairs for Fannie Mae in the Greater Chicago, IL area where I obtained 68% of the brokers (Fannie Mae). I would like the opportunity to bid, repair, oversee all your property rehabilitation From East Coast (Jacksonville-Miami), Orlando, and Tampa Bay areas. Melbourne/Titusville/Palm Bay area preferred. High percentage in bid turnaround time and high percentage on-time completion. Previous Real Estate Licenses in Indiana and Florida and General Contractor’s License for over 20 years. Please email me at cstockton@dhconstructionman.com

  8. Jose G. Gutierrez
    July 25, 2013 at 5:00 pm

    I get some great info from you all the time

  9. modesto real estate agents
    July 22, 2013 at 5:02 am

    I definitely enjoyed every little bit of it and I have you bookmarked to check out new stuff you post in the future I was very happy to have found this site. I wanted to thank you for this excellent post.

    http://othersrealty.com/

  10. Anonymous
    July 19, 2013 at 1:52 pm

    Are they still only accepting applications from the office Broker of record and not agents? I applied a few years ago and they said no because my broker applied in broker name. Only one per office could apply. Neither of us got it. I know at one time they accepted agents. I am a broker but not THE broker.

  11. Paul Tobie
    July 18, 2013 at 1:21 pm

    I was approved as a listing agent last month, there is supposed to be another email with my password, I am still waiting for that.
    By Paul Tobie
    REO and Short Sale specialist
    Sacramento, California

    • Frank Popeleski
      July 18, 2013 at 1:33 pm

      Congrats Paul – way to go.
      By Frank Popeleski

  12. Frank Popeleski
    July 18, 2013 at 1:18 pm

    Good man Ponce. This is the SAP form they have been using. I had been signed up prior and did Fannie with 24AMN in the past. Never hurts to sign up again. I wonder how often they purge the data base!
    By Frank Popeleski
    Broker at Schooner Properties, Inc.
    Tampa/St. Petersburg, Florida

    • July 18, 2013 at 1:22 pm

      Hi Frank, Fannie Mae purges their database every two years 🙂

  13. sergio salazar
    July 17, 2013 at 9:14 pm

    Is there still a requirement that you must have two W2’d employees on your staff in order to be considered?

    • July 18, 2013 at 11:53 am

      Yes, your company must have at least two W2 employees

      • Sergio Salazar
        July 30, 2013 at 7:46 am

        Hi Poncie,

        Thanks a lot for the response. I really appreciate it.

  14. Anonymous
    July 17, 2013 at 9:13 pm

    Is there still a requirement that you must have two W2’d employees on your staff?

Leave a Reply

Your email address will not be published. Required fields are marked *