Fannie Mae this week added further enhancements to its online REO sales system, allowing Realtors and homebuyers to electronically sign documents when making an offer on a foreclosed property.
“These enhancements will make Fannie Mae’s
“Instead of filling out forms by hand and scanning them in, agents and buyers have the option to access and complete the documents in a forms library, sign them electronically and submit the offer through HomePath.com in a much more efficient process.” Ryan said.
The secondary market agency started developing an online REO sales process several years ago, launching a pilot program in Orlando, San Diego and Detroit back in November 2010. Fannie made the online offer system available nationwide last February.
Fannie sells all its REO property through the HomePath program. “Our goal is to sell as many HomePath properties as we can to owner-occupants who will help stabilize their community,” Ryan said.
In the second quarter, the government-controlled mortgage giant sold nearly 48,700 REO properties. The average sales price was 59% of unpaid principal balance, up from a 54% UPB in the same period in 2011.
