Fannie Mae approves four new BPO providers
Fannie Mae added four new broker price opinion providers to its database Friday, according to a servicing note sent out by the government-sponsored enterprise. As of Feb. 1, 2011, Fannie Mae is allowing servicers to use BPO referrals from all the companies on a list its compiling. There are currently 11 approved companies on the list. There is a stipulation, however, as the servicing note mentions. Servicers are only permitted to send up to 75% of their BPO requests to one provider "in order to limit risks arising from the concentration of BPO orders with a single BPO provider," Fannie Mae said. That regulation takes effect with the option of using a Fannie-approved BPO provider on Feb. 1. Fannie Mae set limits on BPO reimbursements, effective Friday. The amount of reimbursement for an exterior BPO is $80 and for an interior BPO is $105. Fannie noted that the process for submitting reimbursement requests has not changed. Fannie Mae opened its sixth mortgage assistance center today in Dallas, Texas to help homeowners find solutions to foreclosure. Write to Christine Ricciardi.