Fannie Mae has relaxed the limit of 30 REO listings per broker from any one Fannie Mae source, according to a report from REO Insider.
In June, Fannie imposed a strict limit of 30 REO listings per broker at any one time, and imposed a 25-mile restriction as well. The new rules elicited an immediate response from NAR and Keller Williams Realty.
In a letter to the president of Fannie Mae, Mark Willis, Keller Williams CEO, said that the REO listings limitation “will impede the objectives of both Fannie Mae and the real estate professionals who have invested heavily in people and systems to efficiently move REO properties. Clearly, the REO arena is an extremely specialized field, requiring dedicated professionals who possess distinct expertise and sufficient financial and organizational resources.”
Apparently, Fannie agreed and said it would approve special exceptions to the limit. Fannie also made the clarification that a broker could have 30 REO listings directly from Fannie Mae and take on additional listings from outsourcers without the need for approval from Fannie.