I have a question for any agents experienced with Fannie Mae.I understand that Fannie Mae outsources about half of their listings and keeps about half in house. So, It's obviously important to be an approved Fannie Mae broker. I sent in our application a while ago but have not been approved and the application clearly states that they will keep it on file for 2 years and if you have not heard back then you can re-apply.My REO team is approved with a few other asset managent co's that handle Fannie Mae listings. Some have set us up as being approved to receive Fannie Mae listings and others require your Fannie Mae ID# to be able to complete their MLA. So, my question is......Can I receive a Fannie Mae listing through an asset management company even if I have not been approved directly through Fannie Mae?Thanks!
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Congratulations on being accepted as a Fannie Mae Direct broker. It seems like the majority of the listings in my area right now are Fannie Mae and the direct agents are obviously getting the majority of those. I have applied a couple times as well, hopefully one day soon, I'll get accepted!
Hello All,
I am a little confused on the Fannie Mae process! I like Susan applied to Fannie Mae about a month ago and I received an email with a password and log-in to FNMA's Frictionless website. I started doing some digging because I was over joyed in getting the log-in, but when I contact NDPC to ask about listings they informed me that this was not a guarentee of listings. Are you under the impression that the application was approved if you receive a log-in? Ryan did you receive a log-in?
No, I don't have a log-in because I'm not a Fannie Mae Direct broker (yet)! I have Fannie Mae listings through another AM co. My understanding is that if you received a log-in you are approved but it doesn't guarantee any listings, just like being approved by an AM co doesn't guarantee listings. Congratulations on being approved, your 1 step closer than me!
Thank you Ryan! I hope the same for you!! I have done the exact same things as Susan with research and the properties in our area. There are tons! Hopefully I will start seeing some action, I'm on every website know to man with very little action.... Sounds like you are doing great and that's where I would like to be some day!
I started adding to my outsource profiles that I am a Fannie Mae Broker. I also made my brokerage a diverse supplier because it is woman owned and managed. I also expanded my coverage because as a brokerage with mulitple locations, I can receive assignments anywhere I want as long as there is no coverage by another direct broker. Any way you look at it, having the sign on, profile and access to change it is HUGE and a step in the right direction. Also make sure you go through the categories and check off all of the areas that your brokerage can provide service. I even checked off TARP loan workout! Whatever gets my profile up there and assignments. That's the reason we all started doing bpo's isn't it?
Susan,
That is such great information for me. I am a Native American Woman owned busines so I'm sure that's why I got accepted, but I do not have the Certificationsfor each dirversity. Do you think it is worth going through this process to be certified, it seems like a long process. I am going to do more research on the direct brokers in our area. I also have done my share of BPOs!!
I just got accepted to be a Fannie Mae Direct broker. You could have knocked me over when I got the login and password. Then I read that it was not a guarantee that I would get listings so I started digging. I already have multiforms because I'm a Fannie broker for an outsourcer. I got a DUNS # for the brokerage. Then I asked the owners if they would get the certification to be a diverse supplier (woman owned). Because it is a government entity they will do business with a diversity before any others. I think my app was accepted this time to join the panel because I have a principal brokers license for 3 states. I've applied many times but this was the first time that I got any movement. I haven't gotten any listings but I keep working on the profile, adding area that I cover (or my brokerage) and tweaking the information to push it to the head of the line. If I do start receiving assignments, it will be so huge in my area. No other direct brokers can compete with diversity and being a broker. One thing I can tell you is to check out your area on homepath.com You will see exactly who is getting the most listings, who the AMP's are and what price range, type, etc listings are Fannie. I have spent a lot of time researching this and hopefully it is starting to pay off.
I list Fannie Mae properties through a seperate AM company. They have asked me to buy the software because they said that it would be easier for me to do the bpos, but I don't feel like shelling out $500 for software. I would like to become a Fannie Mae Direct Broker though.
Replies
Congratulations on being accepted as a Fannie Mae Direct broker. It seems like the majority of the listings in my area right now are Fannie Mae and the direct agents are obviously getting the majority of those. I have applied a couple times as well, hopefully one day soon, I'll get accepted!
I am a little confused on the Fannie Mae process! I like Susan applied to Fannie Mae about a month ago and I received an email with a password and log-in to FNMA's Frictionless website. I started doing some digging because I was over joyed in getting the log-in, but when I contact NDPC to ask about listings they informed me that this was not a guarentee of listings. Are you under the impression that the application was approved if you receive a log-in? Ryan did you receive a log-in?
That is such great information for me. I am a Native American Woman owned busines so I'm sure that's why I got accepted, but I do not have the Certificationsfor each dirversity. Do you think it is worth going through this process to be certified, it seems like a long process. I am going to do more research on the direct brokers in our area. I also have done my share of BPOs!!
I just got accepted to be a Fannie Mae Direct broker. You could have knocked me over when I got the login and password. Then I read that it was not a guarantee that I would get listings so I started digging. I already have multiforms because I'm a Fannie broker for an outsourcer. I got a DUNS # for the brokerage. Then I asked the owners if they would get the certification to be a diverse supplier (woman owned). Because it is a government entity they will do business with a diversity before any others. I think my app was accepted this time to join the panel because I have a principal brokers license for 3 states. I've applied many times but this was the first time that I got any movement. I haven't gotten any listings but I keep working on the profile, adding area that I cover (or my brokerage) and tweaking the information to push it to the head of the line. If I do start receiving assignments, it will be so huge in my area. No other direct brokers can compete with diversity and being a broker. One thing I can tell you is to check out your area on homepath.com You will see exactly who is getting the most listings, who the AMP's are and what price range, type, etc listings are Fannie. I have spent a lot of time researching this and hopefully it is starting to pay off.
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