By Natalie Terchek
Fannie Mae (NFMA/OTC) released a statement announcing enhancements on it’s HomePath properties, making the REO sales process easier and more efficient.
Starting this week, real estate professionals may access Fannie Mae offer documents online through their Multiple Listing Service (MLS) and real estate association. Real estate professionals and homebuyers may now electronically sign offer documents for HomePath properties.
HomePath Properties Changes – “User-Friendly”
Jay Ryan, vice president for REO dispositions for Fannie Mae, says this will be much more user-friendly for buyers and agents.
“Our goal is to sell as many HomePath properties as we can to owner occupants who will help stabilize their community,” he said. “Instead of filling out forms by hand and scanning them in, agents and buyers have the option to access and complete the documents in a forms library, sign them electronically and submit the offer through HomePath.com in a much more efficient process.”
These expanded HomePath capabilities are designed to prevent the mistakes that are commonly made by filling out forms manually, in addition to automatically being able to offer the latest forms. Fannie Mae expects to work with additional vendors to provide similar services to more real estate professionals across the country.
In February, Fannie Mae announced that all offers on HomePath properties come through its Online Offers system.
Housing Inventory – Dwindling HomePath Reserves
In the first half of 2012, Fannie Mae sold 100,745 HomePath properties. From the beginning of 2011 through the second quarter of 2012, Fannie Mae has reduced its inventory of properties by 33 percent, which is consistent with the progress that other financial institutions have been making with their own REO housing inventories. Freddie Mac recently announced that it has reduced its REO inventory by 30 percent from its 2010 peak, and shadow housing inventory fell another 10.2 percent in the latest study from CoreLogic.