Active Data Tech designs custom pilot for Fannie REO
Active Data Technologies Inc. recently developed a custom real estate-owned management platform for Fannie Mae. The system, "HomePath Online Offers," allows buyers agents to submit online offers to purchase Fannie Mae-owned properties on behalf of a homeowner or investor. Agents connect directly with Fannie Mae's listing agent through the program and can find financing and incentive options through HomePath itself. HomePath allows borrowers to purchase a Fannie REO with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Fannie reported its REO inventory at 162,489 in the fourth quarter of 2010, up 88% from the year before. The HomePath product just finished a three-month trial period in the Orlando, San Diego and Wayne County, Mich. markets. Brad Geisen, Active Data president and CEO, said he is thrilled with the pilot results. "This innovative program is a major victory on so many different levels," Geisen said. He added that Fannie Mae tracks all offers on a proprietary system built by his team into the framework of HomePath. A Fannie Mae spokeswoman said the agency is evaluating the results of the pilot program in its three targeted areas before expanding into other markets. HomePath Online Offers is available for agents free of charge, the Fannie representative said. "Automating the transaction process is the start of moving inventory quicker and getting the housing market on the road to recovery faster," Geisen said. Active Data Technologies is based in Boca Raton, Fla. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.