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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 28 December 2024 F E A T U R E S T O R Y by inflation or supply challenges, are important for Fannie Mae to acknowl- edge with our vendors when pricing discussions arise. It's important that our pricing is reflective of current market conditions as well as sustainable for our vendors. To ensure pricing is commen- surate with market rates, Fannie Mae monitors pricing on an ongoing basis using available benchmarks and market research, adjusting as necessary. As the market changes, we evolve our pro- cesses to ensure that we are responding appropriately. Q: What primary new tech- nologies or innovations are property preservation companies adopting to improve efficiency and service quality? How is AI impact- ing the sector? In 2018, Fannie Mae launched its Pre-Foreclosure Property Preservation Program, offering mortgage servicers the opportunity for Fannie Mae to handle the management of inspection and preservation activities on delinquent loans secured by vacant properties. Our program utilizes a national network of vendors that help standardize the preser- vation of these properties in our portfolio. This initiative reduces complexity for servicers, creates savings for borrowers and servicers, and standardizes end-to- end property management. It also allows us and our vendors to benefit from lower costs through economies of scale. Q: How are you adapting to the need to service more remote/rural properties, necessi- tating more "windshield time?" We are exploring batching inspec- tions. With this process, we expect vendors to be able to develop more efficient routes, reducing travel time and operational expenses. This not only saves time and costs but also contributes to reducing greenhouse gas emissions. We are currently seeking feedback from servicers and vendors about how to best support this process improvement. Q: Are vendors maintaining sufficient workforce? How do they recruit and retain talent? Vendors have shared that staffing has been challenging since the pandem- ic. They are maintaining a sufficient work force through consistent recruit- ing, hiring, and training. At Fannie Mae, we are committed to diversity in our supplier base. We welcome suppliers that share our goals of quality, consis- tency, and professionalism. Our need for new suppliers is always changing in response to volume, attrition, and other factors. Keep in mind that, during times of low REO inventory, we may not have a need for new suppliers. Interested vendors can take steps today toward becoming a supplier for Fannie Mae, even if we do not have an immediate need for suppliers in your area. Start by registering interest in our Procure One system, so that you may be considered for our future needs. Q: What strategies are com- panies using to mitigate the risks of vandalism, theft, or squat- ting in vacant properties? To address the risks of vandalism, theft, and squatting in vacant properties, Fannie Mae employs a multifaceted approach. One key strategy is to ensure frequent property visits by vendors. Regular inspections help to identify and address any issues promptly, maintain- ing the security and integrity of the properties. Securing properties is anoth- er important step. This involves using special materials such as clearboarding and DAWGS (Door and Window Guard Systems), where permitted. DAWGS offers robust protection for doors and windows, further enhancing the secu- rity of vacant properties. Clearboarding provides a transparent yet secure barri- er, allowing visibility while preventing unauthorized access. "Vendors have shared that staffing has been challenging since the pandemic. They are maintaining a sufficient work force through consistent recruiting, hiring, and training." —Kimberly Dawson, Director, Single-Family Real Estate Asset Management, Fannie Mae