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Does anyone know the reason why Fannie Mae is no longer going to use Executive Asset Management as one of their Asset Management Providers?

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I am not sure why but they were one of the best companies I worked for so far!

Super responsive and professional!

I was wondering the same thing. I am in Florida. Owen REO stopped doing FNMA earlier this yearas they stated they lost the FNMA contract.. I got quite a few assignments from both. Starting to get concerned regarding the other Asset Companies.
I am guessing that they are under enormous pressure to get Fannie Mae's assets sold within the time lines and that if too many assets go to auction, that may cause Fannie Mae to look elsewhere for out source companies.

Hi Monica,

 

Without revealing my source, I can tell you that Fannie is going to be purging many of their AMP's this year for lack of peformance. EAM may have been one of the first but, it won't be the last. In fact, the rumor is that Fannie Mae will be consolidating procedures to Dallas and closing the Irvine California office and in this process going from their current AMP list of about 15 to under 5 to 7.

 

What many of us agent don't know is that Fannie has even changed their payment profile with these AMPs. If you are not one of the top 3 AMPs, you don't even make a fraction on the file as you once did. For many AMPs, it's just not worth doing business with Fannie unless they are in the top 3 of performance so, many....are leaveing and many are being told to leave. What the specifics are for EAM, I can only speculate but, after talking with several of their employees who are no longer there, it's primarily because of not meeting metrics.

That is a shame. I always had good luck with them and Owen REO and closed many deals in a short time frame for most. FNMA is undergoing some changes as I have received new forms and information.I made a lot of $$ with their properties last year but I am expanding my resources just in case. Thanks for your insight.I guess we will all find out as time moves on.
Thank you Jesse for elaborating. I'm sure Fannie's changes will have impact on us.

Any idea which AMPs are the strongest performers?

I noticed that the 4 Fannie Mae AMPs I work with all have had signifigant drop in assignments in the past 2-3 months. I am hoping at least one of them are the 'survivors' and can get more Fannie Mae business in the months to come. If not, I want to know which AMPs I should be targeting for future business. There is already another agent in my office who is Fannie Direct, so my only option is AMPs for Fannie Mae business.

I know the listing I had with EAM I have already been contacted by 24 AMN letting me know how to proceed and task open in Equator.
I had heard that 24 AMN was the new servicer for FNMA. I dont' have any active listings w/ FNMA at this time as all closed as of July. I am in their system so hopefully I will still receive listings when things pick back up.
Nationwide REO Brokers (NREOB), allowed me to keep the assets that I listed through EAM. They are much more stringent then EAM was.

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