Fannie Mae is wanting access to the MLS database which is REALLY bad for appraisers period.
Check out the rules of engagement. See what Fannie Mae is offering as opposed to what we are giving up.
I attended classes in Snohomish County Washington and Couer D' alene Idaho where we we told by the appraiser institutions/associations this would abolish the need for appraisers as our private data bases would be compromised even though Fannie Mae wouldn't go to the house. Fannie Mae would have the complete data base. Once down loaded it cannot be pulled back.
We didn't have any appraisers present at the directors meeting at Spokane Association MLS sitting on the board when it was almost approved on the same day it was suggested. I got it stopped for review and the appraisers were notified and the process was put to a STOP!
Fannie Mae does not incorporate into all short sales, the access to the data base is a REALLY bad idea. They should not access all listings sold, active or otherwise. Protect jobs!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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What is it that Fannie Mae would do with this information? I guess I dont follow your post, sorry. It would not be too difficult for them to get the data, they hire agents or asset managers who have the access.
WHile I do not disagree with you that Fannie Mae needs to completely get out of the real estate business, I dont see what them having access does?
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Permalink Reply by Teresa Simon on
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Jeff Payne said:What is it that Fannie Mae would do with this information? I guess I dont follow your post, sorry. It would not be too difficult for them to get the data, they hire agents or asset managers who have the access.
WHile I do not disagree with you that Fannie Mae needs to completely get out of the real estate business, I dont see what them having access does?
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Permalink Reply by Bryant Tutas on
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I'm going to place this in the newsletter today to see what kind of responses we can get.
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Permalink Reply by Wendy Smith on
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OMG, what's next? FannieMae access to MLS has to be a violation of the underlying MLS policies. What's next? FannieMae doesn't need appraisers, BPO agents, Realtors?
We ALL need to keep our eye on this movement. thanks for bringing it to our attention!
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Permalink Reply by Stephen B. McWilliam on
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Your belief is very common but equally incorrect. FNMA is using the data for trending and verification purposes. They are not using the data for BPO or appraisal generation. In return FNMA is providing the users of the participating MLS access to the FNMA Short Sale Help Desk. I can assure you that this help desk is nothing short of amazing. I have had serious problems with services corrected in 24-48 hours. I would highly recommend MLS participation with FNMA Short Sale Help Desk.
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very interesting. My concern then would be that someone from Fannie Mae only seeing MLS info and not knowing any other info such as condition, seller concessions, neighborhood etc. They would have no real knowledge of the local markets. They need to stop playing real estate expert and start relying on the real experts agents appraisers etc.
Gary Burleson said:On June 24th Alex Charfen of the Distressed Property Institute and the founder of the CDPE Designation interviewed Fannie Mae VP Marcel Bryar on the Short Sale Assistance Desk. Bryar says that for an MLS to be granted the Short Sale Assistance Desk link, which is a link to their Escalation Team, Fannie Mae in return wants a license from the participating MLS that provides access to that MLS's data. He says that Fannie Mae will use this information for "valuation" purposes. It is my understanding from this video that Fannie Mae feels there is a problem with the "valuation" of short sale properties and that BPO's and Apprisals don't always tell the complete story. I think they want access to the MLS's to check "Sold Comps" in the neighborhoods to compare with the BPO's and Appraisal they are getting.
If you are a CDPE, I suggest you watch the video and draw your own conclusions.
However, my question is: Why don't they get this information from the Listing Agent? The Listing Agent can provide the comps for the neighborhood instead of giving MLS access to Fannie Mae.
As a CDPE, I sent this question to the Distressed Property Institute yesterday after watching the video, but don't expect an answer until this coming week.
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Permalink Reply by cindy keil on
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Stephen,
I totally agree! We need access to the Short Sale Help Desk, so we get the inventory cleared, and save families from foreclosure!
Stephen B. McWilliam said:Your belief is very common but equally incorrect. FNMA is using the data for trending and verification purposes. They are not using the data for BPO or appraisal generation. In return FNMA is providing the users of the participating MLS access to the FNMA Short Sale Help Desk. I can assure you that this help desk is nothing short of amazing. I have had serious problems with services corrected in 24-48 hours. I would highly recommend MLS participation with FNMA Short Sale Help Desk.
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Permalink Reply by Wendy Rulnick on
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Short Sale "Help" Desk access should not be offered as "payment" for help escalation. This is a quasi-government entity. Help should be available to all without pressure of "payment" in the form of accessing MLS data or otherwise.
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Permalink Reply by Teresa Simon on
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We were asked to PAY Fanniie Mae $1000 and give them access to our MLS for them to help with short sales.
Since when did we become the responsible perty to fix the MIP and mortgage mess.
I often descibe myself as an UN-lender working for pittance collecting up the same data the client once brought in and the LENDER was paid thousands of dollars to put the deal together..
We were not paid to qualify these people in and now we are not being paid for qualifying them out. And then to be treated so poorly by some of the negotiators who want us to believe they are doing us, the UN-lenders like doo and have us believe they are doing us, the un-lenders, a favor.
I am certainly not willing to give up our database we have spent years to accumulate only to sell ourselves out.
Quite frankly even when I call HUD to get help out of their short sale department the request go unheard.
We are SELLING and burning ourselves out!
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I wonder if giving Fannie Mae access to MLS is something the members of the local board get to vote on? Not sure how having MLS data is going to help Fannie Mae. They certainly can not due an accurate evaluation of any property without personally visiting it. They might think they know the values of properties but we all know that they certainly can not give a proper evaluation without actually being local.
If history repeats itself, the MLS departments will give in and give them access and make stupid excuses as to why they let them in.
Why in the world would Fannie get paid to get access, should be the other way around, they should pay $$$ if they want access just like any other MLS member.
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Permalink Reply by Teresa Simon on
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You guys are all getting this! It is under the guise of helping push through a few short sales. And who is REALLY being assisted in cleaning up the books? We need to understand that we are NOT going to fix all SS. These short sales and foreclosure issues have been long before any of us came into the business. Please talk to your MLS and PROTECT the data bases. Not much good can come from our databases being downloaded by any agency for the purpose od helping!!! We are concerned about outside access by anyone else. Pretty soon some of us will be willing to pass out our lockbox keys! Oh yeah! I've seen that happen too!
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we Realtors really need to keep on eye on this - this is not good for our industry. FannieMae is government - nothing good comes from giving government more control. What's next? FannieMae will submit 'their' properties to the MLS - Mmm, now tFNMA can discount the commission to listing brokers.
This is bad folks. very bad. those that scoff and think FannieMae access is harmless are not thinking clearly. Guess who is next, brother FreddieMac.
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