Monday Morning Cup of Coffee: When will mortgage lending pick up?

Monday Morning Cup of Coffee: When will mortgage lending pick up?

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Fannie Mae taking online offers for REO

Real estate agents can submit offers on behalf of their clients to buy Fannie Mae REO online.

The government-sponsored enterprise launched pilot programs in Orlando, Fla.; San Diego; and Detroit in November 2010. On Tuesday, Fannie said it would take electronic offers on all properties through its HomePath website.

Jay Ryan, vice president for REO at Fannie Mae, said the expansion would provide greater transparency for homebuyers and agents.

"Our online platform will make it easier to sell properties to owner occupants, which is a major factor in helping to stabilize communities across the nation," Ryan said.

Fannie held more than 122,600 repossessed homes in its inventory as of Sept. 30, down from a high of 162,400 at the end of 2010, according to its most recent financial filing.

jprior@housingwire.com

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