Comments on this announcement from RPR (Realtor Property Resource) and Fannie Mae. ?
RPR Teams With Fannie to Speed Short Sales
The REALTOR Property Resource® has announced a new partnership with mortgage giant Fannie Mae aimed at increasing the efficiency in the short sale approval process for real estate professionals and their clients. The goal is to reduce the time for real estate professionals to both bring distressed properties to the market and close on the sale of these properties, says Dale L. Ross, CEO of the REALTORS Property Resource®.
The partnership includes an expansion of the existing REO listing information available to real estate professionals in the RPR Application. It also will include new specialized training options.
“In markets where the Multiple Listing Service agrees to partner with RPR and Fannie Mae, REALTORS® will have access to information, tools, and training to assist in identifying and expediting a Fannie Mae short sale,” Ross says. “Fannie Mae and RPR will also be providing REALTORS® with data and training on Fannie Mae’s short sales and recommended list prices. This partnership will also serve to create broad exposure for Fannie Mae training content and REO listings through the RPR site.”
Saw this. Sounds like the MLS Short Sale Assistance Desk on a perhaps broader scale.
But, what's the point, Kevin, of this? If Fannie Mae already has an escalation method?
More PR and appeasement.
This is not an Escalation method, but a way for them to access data.
No clue. Isn't the new Homepath system supposed to do this? Too many unveilings for me.
I agree, Smitty, very strange!
PR, PR and more PR. Forgive me, but I no longer believe any lender, investor or government program that says they are "speeding up short sales". Short sales are only marginally better than they were three or four years ago, and this after countless government and lender/investor specific "enhancements". Not to mention that large numbers MLS's don't participate in RPR (and many, including ours, probably never will). At best, this is a modest step if it accomplishes anything at all. To me, this is nothing more Fannie just trying to divert attention from all of the bad press they have been getting on the valuations fiasco.
My MLS is also not participating and in fact is totally hot over Fannie's desire to manipulate their MLS system. I do not trust anything that comes out of this group or any government program. They want to use this to escalate their ability to override professional appraisers and impose their own values to properties. They told us as much in their recent webinar put on by our state real estate dept.
One of the so-called benefits, but I'm thinking the beneficiary is Fannie Mae, is that as soon as a home is listed in MLS, the lender will be notified by RPR. This will allow intervention and price guidance by Fannie Mae, what we've all been waiting for, not.
Another excellent reason not to join RPR.
Yet another useless announcement/tool from Fannie Mae. What good is this tool or that tool when the value placed on the property is 30% or higher than fair market value? I don't even know why I comment...
I asked them about this years ago when they had a broker meeting at our association. RPR will give out MLS information to servicers and lien holders for AVMs without the MLS getting any type of compensation. Essentially, they are giving out the MLS information and taking the payment. This is how LPS is getting their listing auto alert program.
No offense to other markets but I don't really need any information outside of our current MLS to conduct business and I doubt you need our information. So there is no need to nationalize a listing database.
Another way for someone to make a buck off our work.