Fannie Mae Bulk-REO and NPN

Under the New Program, Fannie Mae:

• Is unloading a large portfolio of REO and NPNs; both residential and commercial starting from August 2, 2010:
  • SFR REO in CA is between 40-45 | other states 30-40 (some areas are low 40s)
  • Purchase: No less than 5M and unlimited
  • No pass-thrus allowed
  • Recurring purchases can be setup in the system.
  • MFA will be stored electronically for 3 years.  Every time a buyer in the system purchases, fees will be paid out automatically.
• Physically validates to make sure each house exists
• Gets the house in broom clean condition
• Provides Warranty or Grant Deeds (note: Quick Claim Deeds with old program)
• Allows for custom order (note: Blind bid process with old program)
• Plans to release products every 1st week of the month and 3rd week of the month.
• Plans to deliver every 3rd week of the month for orders placed during the 1^st of the month and every 1st week of the month for orders placed during the 3^rd week of the month.

This entry was posted on August 11, 2010 at 7:59 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Bulk-NPN Bulk-REO by Tad Imuta No Comments Yet