Fannie Mae allows e-signatures on REO offers
Fannie Mae said it has made several changes to the offer process on its HomePath properties, including allowing electronic signatures on offer documents.
HomePath properties are the branded name given to REO homes owned and marketed by the government-sponsored entity.
Beginning this week, real estate professionals and homebuyers may now electronically sign offer documents on HomePath properties, the GSE said in a statement Tuesday. Local Realtors may also access Fannie Mae offer documents alongside the local sales contract in approved forms libraries available through their MLS and real estate association.
"These enhancements will make Fannie Mae’s REO sales process more streamlined and user-friendly for buyers and agents,” said Jay Ryan, vice president for REO dispositions.
"Our goal is to sell as many HomePath properties as we can to owner occupants who will help stabilize their community."
Fannie Mae said it is hoping the new electronic capabilities will help reduce errors, both when filling out forms manually and in ensuring that Realtors have access to the latest Fannie Mae forms for their particular jurisdiction.
In the first half of 2012, Fannie Mae sold 100,745 REO properties; in the past 18 months, the GSE has reduced its REO holdings by 33 percent, it said. HousingWire reported in August, however, that nearly half of Fannie Mae's REO properties aren't yet reaching the market for resale.