secret (2)

Uh-oh.....some Fannie Mae Direct and Outsourced agents have been very bad, are you one?

I got an email, like many Fannie Mae Listing Agents did that said......

"In January, Fannie Mae initiated a “secret shopper” pilot designed to collect accurate data on the knowledge, responsiveness, follow-up, professionalism and effectiveness of brokers and agents listing Fannie Mae-owned properties. Over a four and a half month period, our secret shopping vendor reviewed several hundred listing brokers/agents on a broad range of measures."

I just got one thing to say, IT'S ABOUT TIME!

Well, here is what they found.....

  • "60% of direct Fannie Mae brokers and 57% of outsourced listing agents did not respond to requests for information within 24 hours. 35% of the time, the agent/broker did not respond at all after multiple attempts to make contact.
  • For those that did respond to an e-mail, 36% of the outsourced agents and 50% of the direct brokers did not respond with the information requested.
  • When asked for more information on HomePath Renovation Mortgage, 21% of the outsourced agents and 23% of Fannie Mae direct brokers could not provide information in a clear, competent manner.
  • When contacted, 59% of outsourced agents and 71% of direct brokers did not ask the caller about their specific needs."

Now, the email had some other details but, this is what they said they were going to do......

"Over the next few months, we will be reviewing and updating our processes for including brokers in the Fannie Mae network and our measures for how brokers are evaluated. Expected changes include measurement of brokers’ responsiveness and professionalism as well as the more traditional performance metrics.

A newly revised and very comprehensive REO Sales Guide (formerly known as the NPDC Listing Broker Guidelines) is due to be released shortly. In the meantime, for a refresher on some of our policies and initiatives, take some of the short training sessions available at the link below."

Now, with all that being said, if you are a Fannie Mae listing agent, outsourced or direct, you better get on the ball and stay on it because, you could end up loosing your inventory to me...........seriously!

Read more…
Everyone knows REO properties can be purchased at discounted rates and that they are great investments. What not many know is that high end homes are even better bargains and in most cases can be purchased at even bigger discounts than your typical REO property. It is not uncommon, in our market, to purchase a property valued at $2million for $1 million. Here are some of the reasons why that market offers great deals:1. Fewer buyers in this market.2. Misconception jumbo financing is not readily available.3. Most buyers focus on properties which can be purchased with conforming loans.4. Misconceptions there is no REO inventory in the high end market.We just found out there is a major financial institution offering jumbo loans for buyers with 720+ FICO scores with 20% down and excellent interest rates. Furthermore, as more foreing investors enter the US distressed markets the high end inventory will probably be their primary investment choice. This would be a great time to invest in a second home, move up or simply invest an excellent tangible asset.
Read more…