Fannie Mae Requires LockBoxes for their Properties as of July 1, 2011

Deborah Boza-Valledor's picture

Posted by: WAV Group - In research we conducted a few months ago on behalf of the National Association of REALTORSA(R), we heard many agents express concern about the many REO homes they had seen that were not protected by lockboxes. They told us that many REO agents were using aMasterlocksa like the ones we used to have on our high school lockers instead.  Agents were concerned about the safety of the home, not to mention the lack of professionalism that type of lock projected.

According to a press release just released by SUPRA, Fannie Mae has informed its listing brokers and Asset Management Providers (AMPs) that, effective July 1, 2011, aan electronic lockbox must be used if available in [the] area.a

Fannie Mae instructs that the electronic lockbox should be placed in a primary location such as the front door to market a property.

Fannie Mae appraisers, contractors, inspectors and employees will access the property using a mechanical combination lockbox that is placed in a secondary location such as a back or side door. However, Fannie Mae specifically informs its brokers and AMPs that buyeras agents and buyeras lenders are not permitted to use the mechanical combination lockbox.

Fannie Maeas action should increase the use of electronic lockboxes and discourage code sharing. For more information, please refer to Fannie Maeas FAQs, located here

MIAMI Members: For more information and special pricing on Supra Keys and Electronic Lockboxes

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