Fannie Takes Bigger Grip Over Its REO Sales
September 18, 2012
Fannie Mae announced that it will no longer be using third-party management vendors and sales teams to help manage its REO properties. The mortgage giant will now be handling the management of its REO inventories through its in-house staff.
"We have reduced our REO inventory from 162,489 properties at the start of 2011 to 109,266 as of June 30, 2012," Fannie Mae officials told HousingWire in an e-mail. "With a reduced inventory of properties, Fannie Mae's in-house teams now have sufficient capacity to manage our REO properties without the assistance of third party asset management providers."
However, Fannie announced it will continue to use real estate professionals to market the properties.
"Fannie Mae's goal is to help neighborhoods recover by selling as many properties as possible to owner occupants at competitive prices," Fannie told HousingWire.
Source: “Fannie Mae Moving REO Management In-House,” HousingWire (Sept. 17, 2012)
Updated: June 22, 2018