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!

E-mail me when people leave their comments –

Jesse Gonzalez is a highly accomplished and respected real estate professional with a wealth of experience in the industry. With a career over 15 years, Jesse has established himself as a leading real estate sales and marketing expert.

As a licensed real estate agent since 2005 and a broker since 2008, Jesse has a comprehensive understanding of the complexities of the market. In 2013, he founded his firm, Liberty House Realty, LLC demonstrating his entrepreneurial spirit and commitment to delivering exceptional service to his clients.

Jesse's expertise extends beyond traditional real estate transactions. He obtained his Registered Appraisal Trainee in 2019, providing him with valuable insights into property valuation and market analysis. Although he decided to focus primarily on sales, his appraisal background gives him a unique advantage in understanding the intricacies of property values and trends.

With a dedication to excellence, Jesse consistently achieves outstanding results for his clients. Last year alone, he closed over $20 million in sales and received the prestigious Sapphire Award from his local association, recognizing his exceptional achievements in the industry.

Beyond his successful career in real estate, Jesse is passionate about education and personal growth. He is completing his undergraduate degree in Forensic Psychology, with plans to attend Law School in the fall of 2024. Jesse's ambition is to become a real estate litigator, focusing on real estate consumer protection law and advocating for the rights and interests of homebuyers and sellers.

As the owner/operator of the nation's largest social network for REO professionals, <a href="http://www.REOProNetwork.com">www.REOProNetwork.com</a>, Jesse has positioned himself as a thought leader and industry influencer. Through this platform, he fosters collaboration and knowledge-sharing among REO agents, attorneys, asset management firms, and other professionals in the field.

With a commitment to professionalism, integrity, and providing a personalized experience for his clients, Jesse Gonzalez is a trusted advisor and a driving force in the real estate industry. Whether assisting clients with buying or selling properties, he consistently goes above and beyond to exceed expectations and ensure successful outcomes.

You need to be a member of REO Pro Network to add comments!

Join REO Pro Network

Comments

  • Fannie Mae Group on REO PRO
    Groups
    This group is to discuss Fannie Mae properties with Fannie Mae listings agents and those who hope to soon be FNMA listing agents and to share solutio…
  • SO Cal REO agents that need info and training contact me. I have been doing them in different local real estate offices.
  • Sometimes it's easier to be critical when you're on the outside. I am not currently a FANNIE MAE listing agent, although I do know all of them in our market area. I have two complaints about how FANNIE handles things right now: 1) many listings are assigned to agents who are way outside our market area and whose marketing won't be as effective because they are not local; and 2) I have consistently run into issues with listing agents who, because of the way the system is set up (I think), so totally tilt the negotiations and access to information, even when the offers are presented and how, that it's virtually impossible even to compete with them, let alone win a bid. It's probably a system glitch but on multiple occasions I've had willing and able buyers unable to get their offers presented because of the way the computer system if set up and there is apparently no obligation on the part of the listing agent to let the seller know another offer is on its way. My experience has been that my offer coming in has been used by the listing agent to push to get one of their own offers accepted leaving the seller unaware there is more buyer competition in the marketplace. All I ask is a level playing field.
  • Jessie, I hope you right. However I've been told straight up that the outsourcers in CA are beating the direct brokers 9 out of 10 times and guess what. Those direct brokers still have accounts. Have any of you ever had a government JOB? If so you would konw it almost take an ACT of GOD to get fired. Wel,l with that said we shall see. Also I have been told that they are auditing both outsourcer and direct brokers to ensure listings assigned are no more than 20 miles away from their office, which cannot be a house. We shall see about that too. Im hopefull this will bring about the need to add more diect brokers, but Im not holding my breath. I keep on with the outsourcer with hopes that one day they will open the door direct.
  • Will an asset manager at Fannie or Freddie please give me account so I can do things right? SINCE I WORK WITH BUYERS I KNOW ABOUT HOMESTEPS AND HOMEPATH! ...and that customer service thing....I have talked about that already....SOLVE and FIRST!
  • Marqueze.....don't tell brokers to learn the product. I need these bad brokers to fall out so I can get thier inventory.
  • Yup! I got that same email Jesse....But it wasn't for me cause my people are on their stuff! (Heck they better be! LOL!) Well, for those brokers who are not this is serious! They are actually firing brokers for not knowing the product so please to save your reputation and your business from Fannie take the time out to learn about their product. Happy selling!
  • MY HP FLIER.pdf

    Here is the basic HomePath flier that may be useful if anyone needs this.
  • Now Jesse, do you really think these agents conducting business like this actually read....anything like this forum? If they had a desire to improve their style of business, they would be answering their phone and returning calls!

    I have to say to Fannie Mae.....IT'S ABOUT TIME! Every lender with REO assets needs to do the same thing! There is no excuse for agents working this way and they need to be run out of town! And I do not say this lightly as I have been in their shoes, I know how overwhelming it can be at times....but I still answered my phone or returned the call with in minutes. Or as a last resort I had my calls transferred to an agent in my team until I could get caught up. I have handled 18 new offers, with an additional 24 counter offers and 10 "Highest and Best" on just 3 properties in 2 days, along with 300 calls per day. If you do not want to work that hard, pass the business on to people who do and can handle it! I LOVE being really busy! I LOVE having 5 closings in one week! Beats the heck out of what I've been doing lately!
  • No wonder I call the homepath agents and they have no idea what I am talking about. From somone who does Homepath loans, I feel these numbers are more than accurate. realtors are able to look at http://www.fanniemae.com/homepath/realestateprof/index.jhtml for basic information.

    If anyone wants some basic training, marketing matereals, or homepath options, please send me an email I would love to help you increase your volume.
This reply was deleted.