Fannie, Freddie & HUD

Sales MeetingOctober 13, 2010

List From Last Weeks Video• Fannie Mae- AMN• Premiere- PAS• AssetLink- ALS• Litton- LIT

• Security National Mortgage- SNM

• Fidelity- 3524 or FID• Atlas REO- 8590 or CMB• Nationwide- 5234 or

NWR

Video

How Banks Can Fix the Foreclosure CrisisFeaturing Joe Weisenthal

And Daniel Gross

Feedback from Banks

• Sent out emails & made phone calls– Only Talked to Tony

Shaw

• Will follow up more until we get feedback

REO Kits

• $97.00• http://www.reokit.com

/GREEN/?hop=0

Fannie Mae: Minimum Supplier Requirements

• Your company must:– have been in business for at least one year

• be able to demonstrate revenue for this period. (You may not obtain more than 70 percent of your revenue from Fannie Mae)

– have a professional place of business outside of Fannie Mae, and be able to provide that business address to Fannie Mae

– provide a completed W-9 form to Fannie Mae – provide a certificate of insurance evidencing the

insurance coverage appropriate for the level and type of business to be conducted with Fannie Mae

– have and maintain a minimum of three W-2 employees

Fannie Mae: REO Broker Supplier Registration

• Completed W-9 form • Insurance Certificate(s) • Real Estate Broker License • Legal Company Name • Federal Tax Identification Number or Employee • Identification Number (EIN) • Full contact information for the Primary Vendor Contact,

and Ordering and Payment Remit to Addresses • 3rd party diversity certificates (if applicable) • Certificate of membership to a professional organization

(optional) • Resume (optional)

• Does your company have a Corporate/REO Department? • If so, how many years has it been in operation? • What percentage of your business (by revenue) has resulted from Corporate/REO business over

the past 12 months? • Is your company a franchise? • If so, what is the name of your franchise? • How many sales agents do you have? • What is the average sales price in your geographic coverage area, for the past 12 months? • Do you provide non-traditional market support (e.g. auctions, bus tours, internet marketing) for

your listings? • If so, please provide examples. • Is MLS membership available in your area? • If so, is your company a MLS member? • If not, does your company cooperate with outside companies in the sale of your listings? • Please provide information regarding your company's management team. (i.e., name, title, years

of experience, years with company) • Please list professional organizations in which you hold membership. (i.e., organization, date

joined) • What is your sales volume (by revenue and by number of units sold) in the past 12 months, per

market area? (Market area may be defined as a county, a city, part of a city, a town, a region, a Metropolitan Statistical Area, etc.)

Fannie Mae: Example of Questions Asked

Fannie Mae:REO Repair Contractor Registration

• Our registration process requires that you upload the following documents:

• Completed W-9 form • Insurance Certificate(s) • Legal Company Name • Federal Tax Identification Number or Employee Identification

Number (EIN) • Full contact information for the Primary Vendor Contact, and

Ordering and Payment Remit to Addresses • 3rd party diversity certificates (if applicable) • Certificate of membership to a professional organization (optional) • Contractor's License (as required by local ordinances)

HUD• Fill out: – SAMS1111 Broker Application– SAMS1111A Selling Broker Certification– Mail to Denver Homeownership Center

• Receive NAID (Name Address Identifier)• Show, Advertise and Submit offers on HUD

homes• Upon Close, HUD pays up to 5% commission

HUD: Different States• Principal brokers: – Can register in more than one state using a single

NAID, but must have a valid broker's license for the states in which you are registering

• Selling agents or associate brokers: – Can register in multiple states, but will need a

separate, valid NAID for each state

HUD: Brokers & Agents• Principal broker must

first register as a Bidder on the website (the link is in the upper right corner)

• Then the associate brokers and selling agents can register on the website using the principal broker's NAID

Making offers on HUD Homes• Submit Offers online• Check status by logging in to

HUDHomestore.com• Counteroffers: Cancel original bids, response

necessary• Acceptance: – Email will be sent to you, but must check the

website– deliver signed contract and addenda to asset

manager within 2 business days

Making offers on HUD Homes• Bidder Functions:– Open: The bid has been submitted and is awaiting

review by the asset manager. The bidder can modify or withdraw their bid.

– Accepted: The bid has been accepted by the asset manager.

– Withdrawn: The purchaser or their bidder has withdrawn the bid, and it is not longer under consideration by HUD.

– Cancelled: The bid has been cancelled.– Under Review: The bid has been opened and is being

reviewed by the Asset Manager (AM).

Freddie Mac

• Homesteps.com• No phone calls—just

send them your name and what zip codes you want to work in, and hope they contact you

Events

• OABR: Free Event– Oct 21, 2010: The Process of Setting up REO’s and

Short Sales– Speakers: Peg Maloney, Paul Vojechehoske,

And Judi Anding• Buy the Big O! Show- Today!

Questions/Comments