Fannie Mae expands partnership with CDL

11 December, 2014

CDL Data

Corporate Release

Riverside County, CA – Fannie Mae to expand its partnership with CDL Data (CDL) nationwide to stabilize the BPO process and reduce loss mitigation through the foreclosure process in 2015.

Who requests a BPO?

Once a borrower expresses interest in a Short Sale or a Mortgage Release, the servicer must request a BPO. A BPO may also be requested when required by Fannie Mae or the MI company in advance of a foreclosure sale.

A BPO provides a current estimated value of the property from which Fannie Mae provides a suggested List Price Guidance Amount, Net Proceeds Amount, Calculated Reserve Price for foreclosure auction, or other information applicable to the order reason. All servicers must place orders for Short Sales, Mortgage Release, and MI Bid Instructions directly with the Fannie Mae Valuation Operations Team through the Consolidated Valuation Order Process in the VMS application.

A Fannie Mae approved provider will complete the BPO and transmit the results to Fannie Mae. Once the BPO is completed and approved by Fannie Mae, the List Price Guidance and/or data applicable to the transaction type is published for the servicer to review in the LMV application, also referred to as the LMV Dashboard.

Approved values may only be used for the reason requested, ie. a Short Sale value may only be used for a Short Sale and not used for a Mortgage Release. BPOs may not be used in connection with an application for, or a modification of, a loan. If a different value is needed, please request the appropriate value via the Consolidated Valuation Order Process or other process.

About CDL Data

CDL Data is a long-standing provider of real estate and consumer data, including renter, homeowner, and mortgage data, as well as Pre-NODs/mortgage lates, NODs/NTDs/REOs, reverse mortgages, short sale prospects, and e-mail marketing.

A real estate industry leader since 1997, has announced the release of a new program to increase customer loyalty for title and escrow companies, lenders, and individual real estate agents. This new program, the StayInTouch Marketing System, keeps real estate professionals in touch with their customers and prospects by sending pre-written relevant messages to each contact.

CDL Data (CDL)

Fannie Mae to expand its partnership with CDL Data (CDL) nationwide to stabilize the BPO process and reduce loss mitigation through the foreclosure process.

Who requests a BPO?

Once a borrower expresses interest in a Short Sale or a Mortgage Release, the servicer must request a BPO. A BPO may also be requested when required by Fannie Mae or the MI company in advance of a foreclosure sale.

A BPO provides a current estimated value of the property from which Fannie Mae provides a suggested List Price Guidance Amount, Net Proceeds Amount, Calculated Reserve Price for foreclosure auction, or other information applicable to the order reason. All servicers must place orders for Short Sales, Mortgage Release, and MI Bid Instructions directly with the Fannie Mae Valuation Operations Team through the Consolidated Valuation Order Process in the VMS application.

A Fannie Mae approved provider will complete the BPO and transmit the results to Fannie Mae. Once the BPO is completed and approved by Fannie Mae, the List Price Guidance and/or data applicable to the transaction type is published for the servicer to review in the LMV application, also referred to as the LMV Dashboard.

Approved values may only be used for the reason requested, ie. a Short Sale value may only be used for a Short Sale and not used for a Mortgage Release. BPOs may not be used in connection with an application for, or a modification of, a loan. If a different value is needed, please request the appropriate value via the Consolidated Valuation Order Process or other process.

About CDL Data

CDL Data is a long-standing provider of real estate and consumer data, including renter, homeowner, and mortgage data, as well as Pre-NODs/mortgage lates, NODs/NTDs/REOs, reverse mortgages, short sale prospects, and e-mail marketing.

A real estate industry leader since 1997, has announced the release of a new program to increase customer loyalty for title and escrow companies, lenders, and individual real estate agents. This new program, the StayInTouch Marketing System, keeps real estate professionals in touch with their customers and prospects by sending pre-written relevant messages to each contact.