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!

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Replies to This Discussion

Permalink Reply by Wendy Smith on June 27, 2011 at 5:33am

oh good grief, let's not discuss FDR and what he did to this country. 

my position remains:  FannieMae does not, should not, be allowed access to our MLS database.

Permalink Reply by Jeff Payne on June 27, 2011 at 5:37am

Harry, that is very well put as usual.  My concerns do not come from Fannie having access to MLS, MLS is available really to anyone who wants to pay for it.  My concern is that just having access to MLS is not going to help in any way, shape or form UNLESS Fannie has someone local look at the property locally to assess repairs, condition, neighborhood etc.  It is probably only a matter of time before they start their own brokerages in each state and hire employees to sell these properties and when they do they will have MLS access.  If they want it, they need to pay for it!

Permalink Reply by Teresa Simon on June 27, 2011 at 6:36am

Actually this has been the most productive conversation I have seen since I attended the appraisal classes.  The local association was jumping on board to the Fannie Mae Help Desk until I started calling the local appraisers and getting a stop put on it.  That was effective.

It would be helpful if the appraisers would sit on the boards and protect their/our interest.  They seem to work independent of each other to the point it is an issue.  In appraisal school the joke was - "If you want to do appraisals - How do you get an appraiser to take you on as an apprentice?  Marry an appraiser  :B

Permalink Reply by Jeff Payne on June 27, 2011 at 8:08am
I still dont see what this does for appraisers or against appraisers, Fannie Mae does BPOs dont they?  The affect that it will have is that Fannie will decide to do their own automated approach and totally misinterpret the info kinda like zillow does. 

Teresa Simon said:

Actually this has been the most productive conversation I have seen since I attended the appraisal classes.  The local association was jumping on board to the Fannie Mae Help Desk until I started calling the local appraisers and getting a stop put on it.  That was effective.

It would be helpful if the appraisers would sit on the boards and protect their/our interest.  They seem to work independent of each other to the point it is an issue.  In appraisal school the joke was - "If you want to do appraisals - How do you get an appraiser to take you on as an apprentice?  Marry an appraiser  :B

Permalink Reply by Gail Mitkoff on June 27, 2011 at 9:49am

Teresa,

 

Fannie Mae does not charge a fee for the Short Sale Assistance Desk.  If someone at Fannie Mae asked you to pay $1000, please send me their name.   I will contact him/her to discuss any possible mis-communication. 

Permalink Reply by Jeff Payne on June 27, 2011 at 10:16am

Gail, very interesting, thanks for offering to help.  Could it be that it would cost $1000 to get it set up or that a 3rd party is offering this?  I am not sure if our MLS is working on this but will find out. 

Gail, while you are at it, can you ask Fannie EXACTLY what their intentions are with accessing MLS other than assitance desk? Thanks

 

Permalink Reply by Teresa Simon on June 27, 2011 at 1:54pm

I stopped in on our techy guy at the MLS.  Mike said that Fannie Mae was requiring access to our MLS to help with short sales.

Mike also said there was something techincal  to hook- up  with Fannie Mae.  He said there is  another MLS in Nevada that had to develope software to effectively work with Fannie Mae.  The software license was $1000 but was not a requirement of Fannie Mae's but ours wouldn't work well without the software.  I can try to get more input on that.

 

He said "There is the requirement of access to our MLS to help us on short sales."

Permalink Reply by Gail Mitkoff on June 28, 2011 at 3:08pm

Dear Teresa, Jeff and others,

 

Thank you for your interest in Fannie Mae's Short Sale Assistance Desk.  In response to your feedback, I wanted to address a few of your questions:

 

1.  How does the Assistance Desk work?

The assistance desk leverages the relationship between the participating MLSs and their members to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website.  Complementing this streamlined service, the participating MLS provides Fannie Mae with data to help improve valuations and make quicker decision regarding short sale requests.

 

2.  How will Fannie Mae use the MLS data?

As you know, short sales can be a challenge.  It is difficut to close these sales in a timely manner, causing buyers to walk away and, in turn, discouraging more and more real estate professionals from taking on short sales.  Part of the reason short sales take so long is that distressed properties are hard to valuate in this rapidly changing market.  The public data that we rely on is often too old to give us a current view of the property's worth.  Stale valuations can result in mispriced transactions and missed opportunities for sales.

 

We believe that MLS data can help solve this problem.  Fannie Mae uses a combination of computer models and expert review at the property level to value properties.  With your MLS data, our tools and our people can deliver more accurate (and more reliable) property values.  This will allow Fannie Mae to make better and quicker decisions regarding short sale requests.

 

Your MLS data would be for internal Fannie Mae business only.  Fannie Mae will not resell your specific MLS data or repurpose it for use by external third parties.

 

3.  How can your MLS implement the Assistance Desk?

When you develop a data sharing partnership with Fannie Mae, we will provide you with a Short Sale Assistance Desk kit, which includes everything you need to plan and implement your questionnaire and data submission process.  The kit includes marketing materials, IT requirements, and the required legal documents.  The kit provides maximum flexibility for MLSs that want to build and customize their own websites or leverage an existing template offered by one of our MLS partners.

  

4.  Are there any fees involved with the development of the Assistance Desk?

Fannie Mae does not charge a fee for the Assistance Desk.  However, the MLS is responsible for the development, launch and management of the internal escalation process.  Depending on the approach selected by the MLS, this may include some expense related to the development and/or hosting of relevant web pages. 

 

For additional information, I am forwarding a few weblinks that you may find helpful.

 

Fannie Mae Short Sale Assistance Desk FAQs: 

https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqsmls.pdf

 

Fannie Mae Broadcast - CDPELive - Short Sale and Foreclosure Education
Marcel Bryar, Vice President of Fannie Mae, speaks with us about how Fannie Mae's New Short Sale Assistance Desk gives agents a valuable resource to resolve ...
http://www.cdpelive.com/110623-fannie-mae/?page=nonme"">www.cdpe...
 
News Stories
Permalink Reply by Jeff Payne on June 29, 2011 at 2:09am


Gail, thanks for the response.  Do you work for Fannie Mae?

I think that having a help desk is a great idea but that help desk does not need to be within MLS.  Giving MLS access to Fannie Mae is not going to help.  I can get data from Los Angeles California but since I am from Florida, I can not assess that market effectively, even if I have MLS access.  Real Estate is hyper local and Fannie Mae thinking that their people will be able to effectively assess a market from just MLS data is nonsense. See my response below in bold letter
Gail Mitkoff said:

Dear Teresa, Jeff and others,

 

Thank you for your interest in Fannie Mae's Short Sale Assistance Desk.  In response to your feedback, I wanted to address a few of your questions:

 

1.  How does the Assistance Desk work?

The assistance desk leverages the relationship between the participating MLSs and their members to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website.  Complementing this streamlined service, the participating MLS provides Fannie Mae with data to help improve valuations and make quicker decision regarding short sale requests.

Why does this have to be thru MLS? Why can't Fannie Mae have their own dedicated service that actually responds to agent inquiries?  As you know, 99% of the time the problem is that the person steering the ship on the other end is the key, and the key is for them to actually respond to requests which has been a big problem in the past.

 

2.  How will Fannie Mae use the MLS data?

As you know, short sales can be a challenge.  It is difficut to close these sales in a timely manner, causing buyers to walk away and, in turn, discouraging more and more real estate professionals from taking on short sales.  Part of the reason short sales take so long is that distressed properties are hard to valuate in this rapidly changing market.  The public data that we rely on is often too old to give us a current view of the property's worth.  Stale valuations can result in mispriced transactions and missed opportunities for sales.

 Of course short sales are a challenge but evaluating a distressed property is not that difficult even in a rapidly changing market.   The data that you should rely on is the BPO or appraisal that you have and also common sense, enough to know that if a home appraised for $200,000 6 months ago and the market is in a decline, the property is not worth the same or more today.   The best way to get fresh market value is to hire an experienced appraiser that is local to the area OR if you do BPOs, require those agents to certify their sales experience and stop hiring brand new agents who do not understand the market to do BPO's.  In my area, there are agents doing BPO's just for the cash and those agents have not sold any properties, ever.   So if you want relevant information, use some common sense and know that the market is declining and values are going down, not up and know that you need experienced people evaluating these properties for BPOs.

We believe that MLS data can help solve this problem.  Fannie Mae uses a combination of computer models and expert review at the property level to value properties.  With your MLS data, our tools and our people can deliver more accurate (and more reliable) property values.  This will allow Fannie Mae to make better and quicker decisions regarding short sale requests.

 News flash, computer models do not work, just look at Zillow.  Computers do not know the condition of the house, they do not know neighborhood conditions, they do not know anything other than the numbers that they are fed.   Your people do not know condition, neighborhood, local issues etc.  Sometime when you have time, get a "zestimate" of your home and tell me how accurate it is.  What Fannie Mae needs to do is start listening to the people on the streets, the people who actually understand the local market.  Fannie Mae needs to allow the agent to see the BPO and to be able to discuss the BPO and be able to provide more comps for it.

 

Your MLS data would be for internal Fannie Mae business only.  Fannie Mae will not resell your specific MLS data or repurpose it for use by external third parties.

 

 

3.  How can your MLS implement the Assistance Desk?

When you develop a data sharing partnership with Fannie Mae, we will provide you with a Short Sale Assistance Desk kit, which includes everything you need to plan and implement your questionnaire and data submission process.  The kit includes marketing materials, IT requirements, and the required legal documents.  The kit provides maximum flexibility for MLSs that want to build and customize their own websites or leverage an existing template offered by one of our MLS partners.

  

4.  Are there any fees involved with the development of the Assistance Desk?

Fannie Mae does not charge a fee for the Assistance Desk.  However, the MLS is responsible for the development, launch and management of the internal escalation process.  Depending on the approach selected by the MLS, this may include some expense related to the development and/or hosting of relevant web pages. 

 

For additional information, I am forwarding a few weblinks that you may find helpful.

 

Fannie Mae Short Sale Assistance Desk FAQs: 

https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqsmls.pdf

 

Fannie Mae Broadcast - CDPELive - Short Sale and Foreclosure Education
Marcel Bryar, Vice President of Fannie Mae, speaks with us about how Fannie Mae's New Short Sale Assistance Desk gives agents a valuable resource to resolve ...
http://www.cdpelive.com/110623-fannie-mae/?page=nonme"">www.cdpe...
 
News Stories
Permalink Reply by Julia Huntsman, 562-896-2609 on July 19, 2011 at 2:05pm
I was just reading through this thread, and I've also watched the CDPE events on the FNMA short sale desk through MLS's.  Frankly, the thought that went through my mind listening to Marcel Bryar is just what Jeff Payne has been saying: The short sale desk doesn't need to go through the MLS in order to be a viable system.

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