Fannie Mae is checking on you and how you are treating their listings. Assume that you will lose your REO listings if you don't take the results of this internal memo seriously.
NOTE: Remember, even though your REO listing asset maybe a ‘Countrywide' asset...there is close to a 70% chance that Fannie Mae actually owns the mortgage...owns the property. In this example, CW is the 'servicer'...Fannie Mae is the ‘investor'
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.
The initial results of this pilot clearly indicate that many brokers and agents listing Fannie Mae properties are not meeting even a basic standard of responsiveness and professionalism. Consequently, we will expand our "secret shopper" program nationwide and continue to collect information.
Fannie Mae expects brokers/agents to manage our properties as they would an owner-occupant client. This includes - but is not limited to - listing a property with attractive photographs and comprehensive descriptions, identifying HomePath financing eligibility, responding to e-mails and phone calls from both other real estate professionals and potential buyers in a timely, professional fashion. Also, providing complete, accurate information to all interested parties and making the property readily available to anyone interested in seeing it.
Below are some examples of our findings to date:
* 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.
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.
Eric, All I can say to this is; IT'S ABOUT TIME! Far too many REO Agents have too many assets to manage to even a "fair" standard. In most cases, REO agents in my area would be fired if they were listing with an owner-occupied client. With no accountability ... and no visibility into what REO agents do ... they are able to get away with the unthinkable. Great post ... thanks.
I so agree ..I sometimes get reassingments and when I pull up the key box is empty the sign is missing from the yard (or the sign frame is there and nothing else)
This was just a matter of time. I'm expecting other lenders to follow suit as well.
I have to agree, it's about time and I hope they send their "secret shopper" to my area as well.
ERic: this is good news, So many REO agents do so little..Great post.
So, can I be one of the agents that DOES respond and handle the listing like I WANT to sell them!
Eric,
Very informative post, thanks for sharing. Best wishes