March Agent Matters
 
Fannie Mae HomePath
HomePath® Agent MattersMarch 2015

In This Issue...

HomePath REO
E-Signatures on HomePath Online Offers
My Home Story; Coming Home to a HomePath Property in Rural Seattle
Consumers' Positive Financial Attitudes a Good Sign for Housing

HomePath Short Sales
Get Short Sale Guidance Today; List Price and Contract Tutorial
How does Fannie Mae Estimate Short Sale Values?
Short Sale Resources


HomePath REO
E-Signatures on HomePath Online Offers

Fannie Mae accepts e-signatures on REO sales contracts and associated addenda!
An electronic signature is meant to be the equivalent of a handwritten signature. For that to be secure, the "signature" needs to be unique and under the sole control of the individual applying the signature. It is that reason that just typing a name or initials on a document would not be an acceptable electronic signature.

There are many companies offering services that secure the electronic signature. We have no preference for company selection and only require that the electronic signature comply with the Electronic Records and Signatures in Commerce Act (ESIGN) and that the document reflect a simulated written signature or other method that identifies the signature or initials as being under the control of the owner.

For more information on how to submit an online offer, review the tutorials and job aids on the Resources Page of HomePath.com.

My Home Story; Coming Home to a HomePath Property in Rural Seattle
Nancy Beard loved country living and never gave up on her dream to own a house in a rural town outside of Seattle despite the obstacles that life had in store for her. Her dream became realty when she found the perfect home on HomePath.com. Read her Home Story here.

I love country living, and have always wanted a home in the Seattle countryside where I could be surrounded by the sights and sounds of nature. Getting there; however, was a journey full of setbacks, hard work and rewards.

From 1981 to 2003, my husband and I raised our family in the Seattle suburbs, and I was a stay-at-home mom. But as the economy started to shift, like many families, there was pressure to bring in more income for the ”extras” like sport camps, athletic teams, high school events, and post high school education. I decided to open a full-time licensed in-home child care business and during that time, attended college and took classes in early childhood education. By 1988, with my own kids in school, I transitioned to an instructional assistant role with the local public school district. Ten years later, I moved to an administrative position at a commercial airline and began a two-year degree program in Aviation Technology. A few years later I tried investing my money in a small fixer-upper property. However, by 2007 life had thrown a few curve balls my way. My marriage had ended and the commercial airline company I worked for, after struggling for a few years, let me go. I soon realized I could no longer afford my home.

After a tough couple of years my fortunes changed. I was offered a good job with an aerospace company (where I still work) and was able to rent a studio apartment for a reasonable cost. This allowed me to save my money for a future home.

After 6 years of saving I was financially ready for homeownership again. I knew I could make the monthly mortgage payments without tapping into my savings, and my dream of owning a rural property in the Seattle countryside was alive and well. Using Fannie Mae's HomePath.com website, I found a townhome about 33 miles from Seattle that was ideal for my lifestyle. The townhome was very appealing, a turn-key, simple, modern property with fresh paint and new carpets, just minutes from my grandchildren's home and a convenient commute to work. Best of all, my rescue horse "Faith" was able to live safely at a local boarding stable.

I am very grateful to have the employment I have now. Without it I would not be where I am today. The twists and turns that led me here are acceptable because I am now gainfully employed and the future looks secure in the industry…and for now, I am living my rural dream and loving it.

Consumers' Positive Financial Attitudes a Good Sign for Housing

1503AM04 Consumer optimism toward the housing market gained some momentum in January following a dip in December, likely getting a boost from their increasingly positive financial outlook, according to results from Fannie Mae's January 2015 National Housing Survey™. The share of respondents who said their household income is significantly higher than it was 12 months ago rose 4 percentage points to 29 percent, and the share expecting their personal financial situation to improve over the next year increased to 48 percent – both all-time survey highs.

1503AM04 After dropping in December, attitudes toward purchasing a home have improved:

• The share who said it is a good time to buy a home increased 3 percentage points to 67 percent.

• The share saying they would buy rather than rent if they were to move jumped 5 percentage points to 66 percent.

• This marks the first increase since September 2014.


1503AM05 "Consumers are as positive about their personal finances at the start of 2015 as they have been since we launched the National Housing Survey in 2010, and this optimism seems to be spilling over into housing market attitudes," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "Consumers are more optimistic about the environment both for buying and for selling a home today and the share who plan to own on their next move has jumped back up, reversing a three-month trend toward renting. These results are in line with lender optimism about future growth in their mortgage origination business, as shown in our Mortgage Lender Sentiment Survey™."



Overall, these are good signs to start off 2015 and are consistent with our expectation that strengthening employment and economic activity will boost the speed of the housing recovery. Fannie Mae's monthly national consumer attitudinal survey report provides indicators offering a window into the opinions of Americans across the country. These behavioral insights convey what consumers think about the outlook for owning and renting a home and about their household finances, and may serve as key inputs for determining the future course of investment across housing types.

Find the full release here with highlights from the survey results.


HomePath Short Sale
Get Short Sale Guidance Today;
List Price and Contract Tutorial


Keep the following check list handy to make sure you and your client are always clear on how to request list price guidance for their home.
  1. Use the Loan Lookup tool to determine if Fannie Mae owns your client’s loan.
  2. Have the homeowner sign the Fannie Mae Homeowner Authorization Form.
  3. Contact the servicer to determine a homeowner’s eligibility. In most cases a Borrower Response Package will be required.
  4. Once a homeowner’s eligibility has been determined, register as a listing agent in the Short Sale portal.
  5. Finally: Log into the portal, submit your list price guidance request directly to Fannie Mae.
Submitting a Contract in the HomePath Short Sale Portal
  1. For contracts serviced by a participating servicer, log into the HomePath Short Sale Portal.
  2. Submit the contract with terms acceptable to the homeowner into the HomePath Short Sale Portal.
  3. If your client's loan is not serviced by a participating servicer, submit the contract directly to the servicer.
Await decisions and communications from Fannie Mae. You will receive notifications if further actions are required or additional documentation is needed.
 
TRAINING TOOL BOX

Register for the Short Sale Resources Portal today and gain access to tutorials, important forms, and browse through our job aids. Get set up today, and check out our top picks!
Get an answer to a Short Sale FAQ
Will the borrower incentive change based on a recent Treasury Announcement (Supplemental Directive 14-04)?

No, the Treasury HAFA program guidelines do not apply to Fannie Mae loans. There will be no change to the borrower incentive.


How does Fannie Mae Estimate Short Sale Values?

Fannie Mae's objective is to help stabilize neighborhoods by selling short sale properties as close to market value as possible. We have a dedicated team of individuals who review the value products received for properties eligible for short sale. There is also a separate team that handles 2nd review requests received via homepathforshortsales.com.

Fannie Mae will provide list price guidance to an agent listing a short sale where Fannie Mae is the investor on the loan. To request a recommended list price, visit the HomePath Short Sale website, select the third step, “Recommended List Price.”

For each short sale listing, we obtain a Broker Price Opinion (BPO) and an appraisal. Our team then uses the following data to estimate values:
  • Appraisal performed to USPAP standards
  • Interior BPO
  • Sales, listing, and pending data available to the appraisers and brokers
When reviewing comparable transactions, we consider characteristics such as age, quality, proximity, home and lot size, home age and property features and condition when selecting and reviewing comparable transactions. In addition, we consider additional characteristics such as:
  • Supply
  • Demand
  • Time of year
  • Number of competing properties
  • Days from List to offer
  • Number of offers on our own book of competing properties and on/offsite influences
  • Competing list prices
  • Recent Closed Sales
After our evaluation, the Short Sale Team will provide a recommended list price to the listing agent.

Short Sale Resources

To access training resources on the short sales process, request list price guidance, or submit a contract for  participating servicers click here: HomePath for Short Sales Resources
 
If you have any questions about the HomePath Short Sale Portal’s functionality please call: 1-888-894-0205
 
For other short sale questions or issues that do not relate to the HomePath Short Sale Portal functionality, contact the Fannie Mae resource center 1-800-7Fannie OR the Fannie Mae Short Sale escalation desk


Help Prevent Fraud

Fannie Mae is committed to preventing fraud perpetrated by any party or parties involved in transactions associated with a Fannie Mae REO property. Fannie Mae expects agents to consistently and accurately follow both the letter and spirit of all Fannie Mae policies, procedures, functions, guidelines and philosophies, and to comply with all applicable laws and regulations.

If you are aware of or suspect inappropriate activity in connection with a Fannie Mae property, please immediately report it either by e-mail to Mortgagefraud_tips@fanniemae.com or to our Fraud Tips Hotline, 1-800-7FANNIE (1-800-732-6643).

© 2015 Fannie Mae.
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