Fannie REO disposal will take advantage of XSites Network

Fannie Mae funds and guarantees mortgages. If a servicer of a mortgage Fannie has guaranteed has a foreclosure dropped in its lap, Fannie Mae will do most of the legwork when it comes to reselling the property. Now, it will use the XSites Network, and its appraisers will use Appraiser XSites Order Manager, to more quickly and efficiently obtain valuations on repossessed, or Real Estate Owned (REO), properties.

We're all very excited about this, especially because it positions you as vendors of choice for a Fortune 20 company and the single largest player in the mortgage market. But it's doubly exciting because Fannie sought us – and you – out. "Our competitors would give anything if Fannie Mae would come to them asking for their help," Scott Kinnaird, our Chief Strategy Officer, said. "Fannie did their research. They looked all over for a solution that works like ours. But none of our competitors can provide anything like this to Fannie Mae."

Fannie Mae was primarily after instant interactivity with its appraiser vendors – a setup where appraisers wouldn't have to go to a website every day to check whether they had new work. The XSites Network's unique individual branding and built-in productivity tools sold them, as did the sheer number of appraisers on the Network. "Our customer base is so much larger than anyone else's, this sort of project with any other software company would never gain enough traction and would fail," Kinnaird said.

XSites Order Manager's desktop business rules, which check a report for errors on your end before you transmit it, are also a boon to an undertaking as big as Fannie Mae's REO disposition. Time is truly of the essence in REO disposal – it costs hundreds of dollars per an REO property remains in Fannie Mae's hands. "This is a cost-effective solution that alerts the appraiser to any problems before delivery, in time to correct them. As a result, we should receive more reliable appraisal reports faster, minimizing our disposition costs," Larry Brown, Fannie Mae's vice president for property disposition, said.

Fannie's National Property Disposition Center (NPDC) in Dallas coordinates its REO procedures. The servicer is responsible for things like conveying title to the property to Fannie Mae, filing mortgage insurance claims, and notifying the credit repositories. The NPDC and contracted property recovery firms handle outside vendors like appraisers on behalf of Fannie Mae.

In another deal to route more business to your Appraiser XSite, we announced this week an agreement to develop a custom plugin for users of MortageFlex's LoanQuest loan automation software. Users will have direct access to the many thousands of appraisers with XSites. Similar to the Fannie plugin, MortgageFlex customers will see the advantages of a desktop-side rules engine which checks reports for errors and omissions before they leave your hands.

Read our company news here.