How to Become a FANNIE Mae REO Agent
- 1). Ensure your company meets the minimum supplier requirements set forth by Fannie Mae. You must prove revenue for at least one continuous year in business and have three or more W-2 employees. Additionally you must provide evidence of a professional business location and adequate insurance coverage.
- 2). Read the "Service Requirements for Contractors and Consultants" thoroughly. The document details ethical and performance expectations for vendors and suppliers, and Fannie Mae requires REO agents to operate within its parameters.
- 3). Collect the documentation required to complete your registration as a REO agent. The extensive list includes requirements for sales, employee and geographical data, and client references. It is crucial that this information be accurate; consider working with your accountant to ensure that your expenses and revenue data are correct. Visit Fannie Mae's Corporate Procurement webpage for the complete checklist.
- 4). Complete the REO Real Estate Brokers' registration form; ensure you have all the required information you amassed in the previous steps at hand. The registration form does not auto-save; you will have to start from the beginning if you allow it to time out for inactivity.
- 5). Prepare your REO agent application package meticulously. Errors on the registration form, or failure to include even one document, will cause Fannie Mae to reject your registration package. Click "Submit" at the end of the registration form, attach your documentation and deliver your package to Fannie Mae digitally. You will receive notification of your approval as a REO agent within a few weeks.
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