The New Fannie Mae 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.
Under the new program, Fannie Mae:
- 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 1st of the month and every 1st week of the month for orders placed during the 3rd week of the month.
Total of 4 Points – broken down as follows:
- 1 point to Fannie Mae Broker / Liquidator / Compiler
- 1 point to Seller Mandate
- 1 point to Buyer Rep
- 1 point to Buyer IM Pool
Custom Bulk REO & NPN Tapes
- We submit custom orders directly to Seller’s Mandate / Asset Manager of major banks and some smaller banks.
- Our buyer will have exclusivity to review and purchase a custom tape
- Orders can be placed for SFRs, multi-family, apartment complexes, commercial properties or notes in any state
We need POF / LOI / Buyer’s Profile. Qualified & experienced buyers only.