Fannie Mae added four new broker price opinion providers to its approved list on Friday, December 17th.
As of February 1, 2011, Fannie Mae is allowing its Servicers to use BPO referrals from all the companies on its list.
The stipulation is Servicers are only permitted to send up to 75% of their BPO requests to one provider "in order to limit risks arising from the concentration of BPO orders with a single BPO provider," Fannie Mae said.
Fannie Mae set limits on BPO reimbursements also effective on Friday. The amount of reimbursement for an exterior BPO is $80 and for an interior BPO is $105.
BPOs, or Broker Price Opinions, are used by Servicers to obtain a market value of a property, normally in relation to a short sale, foreclosure, or other distressed situation. Real estate brokers usually do BPOS versus a full appraisal by a licensed appraiser.
| < Prev | Next > |
|---|
