How to Become a Fannie Mae REO Agent

6:22 pm in Highlights by Dan Waterman

 

Step-by-Step Guide for applying as a Fannie Mae REO Agent:

  1. Go to www.homepath.com/realestate.html
  2. Scroll to the “Apply to Become a HomePath Listing Agent” button.
  3. Read all instructions carefully.
  4. Click REO Real Estate Brokers registration link
  5. Fill out the form completely.
  6. Receive the SAP login – this will arrive by email.  It does not guarantee that you are an approved REO agent
  7. Round 2 for the application process includes a phone interview.  Be ready for this and don’t blow it!
  8. If you’re given an opportunity to work with Fannie Mae, it’s important to know that they are watching and scoring at all times.  Your scorecard is what determines your future with Fannie.
  9. If you are accepted, you’ll receive a “Vendor Packet”.  It will provide full instructions, contact information, and documents that you will need.
  10. Receive a Vendor ID
  11. Login information to AMN (the Fannie Mae portal)

TIPS to a strong application:

  • Focus on helping the asset management team by reducing holding time, carrying costs, and overall management overheard.
  • Emphasize your effective owner-occupied Cash-For-Keys abilities and techniques.
  • Reiterate your thorough knowledge of the region, marketing statistics, Homeowners Association guidelines, local code enforcement guidelines.
  • Membership of REO organizations, credentials & training, and continued education within the default servicing industry.
  • Most importantly, don’t give up!  This process has taken some agents months and months to go through.  But, when you are accepted, the rewards are very good.