Fannie Mae - You Can Think Smarter

By
Real Estate Broker/Owner with The Jordon Wheeler Group GA License# 264359
http://actvra.in/BXJ

This morning I read the banner ad post on AR highlighting that Freddie Mac now allows for electronic signature of its loan documents.  That's great news, but I don't see that it has been applied to offer process.  I will do some more research.

So the Fannie Mae process has to be next in line for further revamping.  The new process for making offers is a step towards improvement for Fannie Mae.  Buyer's agent create a login and password.  Then he or she can locate the property their buyer likes and input the terms of the offer.  All is well until you get to the third page of the process where the buyer's agent has to upload documents that must have ORIGINAL signatures.  Yikes - back to killing trees.

J W GroupI was initially quite excited about the Fannie Mae process until I learned that the online entry does not 'talk to' the Fannie Mae system (AMN) that everyone uses to process an offer.  The listing agent receives a notification of the online entry and is responsible for inputting the information into the Fannie Mae system so that the asset manager can review the offer.

So Fannie Mae we need one more piece of technology added the process - the link from your online offer entry directly to AMN.  I know if HUD can figure it out, Fannie Mae can.  It just takes all of the IT contractors putting their heads together to produce a better more efficient solution for the real estate market place.  Just get the light bulb to burn a little brighter.

And then the final piece for HUD, Fannie and Freddie is to accept eletronic signature on contracts for purchase.

Perhaps no one who can influence the solution will read this, but at least I know that I addressed the issue for the sake of my buyer clients.

 

 

Posted by

    J W Group

Office 404-418-8092 Cell 404-246-3210 Fax 404-991-3770

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Robert L. Brown 05/24/2012 06:35 PM
Topic:
ActiveRain Community
Location:
Georgia
Tags:
freddie mac
hud
process improvement
inefficiencies
fannie mae

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Show All Comments
Rainer
144,282
Kevin O'Rourke - Keller Williams Miami Beach Realtor
Keller Williams Miami Beach Realty - Miami Beach, FL
CDPE Miami Short Sale Agent 305-520-9436

Sounds like one step forward and a half step back!  But I guess eventually Fannie Mae will get there.  Electronic Signatures save so much time and trouble for everyone.

May 24, 2012 07:14 PM #7
Ambassador
1,295,423
Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jordon, yes, we all look forward to make our life easy by using electronic signatures.

We are fortunate that our MLS is introducing the service from DotLoop for electronic signature.

May 24, 2012 09:51 PM #8
Ambassador
1,237,857
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Specialist

Jordon,  I saw the banner as well. I did not read it .. but now I am here reading your post and realize like many ads, they can be deceiving.  The fact remains that few lenders accept electronic signatures in processing short sales.

May 24, 2012 10:30 PM #9
Rainmaker
451,892
Ritu Desai
Samson Properties - Ashburn, VA
Northern Virginia Realtor - Fairfax/Loudoun/PW - 7

Jordon, seems like we move at a half pace...hope by the next year they will have annocement we now allow complete process of esignature.

May 25, 2012 04:08 AM #10
Rainmaker
891,836
Michael Setunsky
Michael's Commercial LLC - Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jordon, using electronic signatures would make the process a whole lot easier and faster.

May 25, 2012 05:25 AM #11
Rainmaker
487,008
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Much thanks to everyone for stopping by and making this post a feature!  The bulk of what's for sale in my market is Fannie Mae, Freddie Mac and HUD.  While I'm not a listing broker for these sellers - yet, I do a good of business making offers on their listings.  It just seems so logical to make the process more automated and cut down on the paper waste.  And the automation should help the listing brokers to be more efficient and profitable requiring less man hours to watch over the offer and contract process.

To Debbie, Fannie Mae's new process does work towards resolving that issue with listing brokers.

Praful, our MLS gives us Authentisign for electronic signature and I like it.  I try to use it as often as possible.

Kathleen, you bring up a good point.  If the lender is not participating in the process improvement, we're still stuck.

Lot's of opportunity for improvement for these three big sellers.

Thank you again for the feature and best of success to you all this year!

May 25, 2012 08:48 AM #12
Rainmaker
443,408
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

We have this wonderful tool of electronic signatures and we can't use it for these transactions, certain hope this changes and we can use electronic signatures in the near future.

May 25, 2012 01:21 PM #13
Rainmaker
572,328
Phil Leng
Keller Williams Eastside Market Center - Kirkland, WA
Phil Leng Team - Residential Real Estate Experts &

Hi Jordan,

The onerous rules that the GSEs and some banks make are tremendously annoying.

My last buyer said, "Is it just that they do not want to sell this property?"

Phil

May 26, 2012 04:02 AM #14
Rainmaker
714,112
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
CRS, GRI, e-PRO, Searcy AR

The new Fanniemae offer process is daunting.  It does require too much paper and scanning.

May 26, 2012 05:34 AM #15
Rainer
171,378
George P. Cruz Sr.
Galleon Realty of Treasure Coast - Port St Lucie, FL
PSL FL CDPE, TRC, CIPS

This would require common sense..

 

 

 

 

May 26, 2012 05:55 AM #16
Rainmaker
808,604
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Thanks for the heads up on this. Sounds like there is another 'extra' step that could prove to be problematic with multiple offers. Who, what time? etc.  The left hand not know what the right hand is doing?  This has just been started in my area & I have yet to use it.  We'll see how it all works out.

May 26, 2012 06:53 AM #17
Rainmaker
313,610
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Jordan, the more clicks they require from someone else, the more obstacles for the process to run efficiently.  Great post!

May 26, 2012 08:22 AM #18
Rainmaker
309,180
John DL Arendsen
TAG Real Estate Sales & Investments & ON THE LEVEL GC - Leucadia, CA
Real Estate Bkr, Factory Built home Dealer/Devlpr

Not so sure Fannie can even find its derriere. They haven't been able to do it for decades why should we think they can now? LOL!! Great info. 

May 26, 2012 09:29 AM #19
Rainmaker
797,818
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

They'd probably have to create a whole new agency. Then hire untrained people to try to figure out what you're talking about.

Common sense? I think they ran out.

May 26, 2012 09:55 AM #20
Rainer
180,262
Jana Holmstrup
Jana Holmstrup - VP Ops - Kings Mortgage Services, Inc. - Visalia, CA

I've noticed that many Realtors have adapted to the e-sign technology. Would love it if we lenders could get on board, too!  Too many obstacles from too many players prevent us from doing so.... but I hear rumblings.

Question, from a Compliance viewpoint.... how do you ensure enforceability?  Do you have a way to prove, say two years down the line, that the buyer/seller/whoever, did actually "sign" the document?

Thanks!

May 26, 2012 10:43 AM #21
Rainer
136,222
EMILIA B COOPER REALTORĀ® . SFR . NCHSE
CHARLES RUTENBERG REALTY - Orlando, FL
Short Sales, Foreclosure & Bank Owned Real Estate

                                                                                                                                                                            

Great Post Jordon!! I Agreed with #1, Have a Great weekend!!

 

May 26, 2012 06:41 PM #22
Rainmaker
1,241,618
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I thought the Assest Manager got the offer directly.  Well that does make it a big joke.

May 26, 2012 09:35 PM #23
Rainmaker
629,804
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Jordan, I agree!  It is so frustrating to get buyers who may not be local to sign offers only to be rejected by REO agents.

May 27, 2012 06:45 AM #24
Rainer
184,448
Bill Fields
Bill Fields Learning Systems - Treasure Island, FL

Jordan, let's see what the futuer brings. It can only get better, right?????

May 27, 2012 08:32 AM #25
Rainmaker
487,008
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hi Lyn, the multiple offer for HUD and Fannie Mae is somewhat worked out in that each offer is date and time stamped.  A representative from HUD stated that the date and time stamp make all the difference in two offers that are identical in the net yield to the seller.  For Fannie Mae the process is similar except the asset manager has to review the time and date stamps on the offers from the online input system.

Hi Jana, my understanding is that the electronic signature captures the IP address where the action took place.  My tech associates say that capturing the IP address is the essential action that can be used to confirm the owner of the signature.

Thanks again everyone for your comments and the feature!  Best of success to everyone this year!

May 27, 2012 10:43 PM #26
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