Fannie Mae Servicing Notice BPO Providers and Pricing Structure
December 21st, 2010
Fannie Mae issued a Servicing Notice titled, Broker Price Opinion Providers and Pricing Structure.
Broker Price Opinion Providers and Pricing Structure
The purpose of this Notice is to notify servicers that Fannie Mae has expanded the current network of Broker Price Opinion (BPO) providers, clarify servicer requirements for provider utilization, and announce new reimbursement rates.
Four new BPO providers have been added to the list of approved providers. The list is posted on eFannieMae.com and will be updated from time to time. Servicers may use these new BPO providers for BPO referrals on or after February 1, 2011.
In order to limit risks arising from the concentration of BPO orders with a single BPO provider, effective February 1, 2011, Fannie Mae will require servicers to diversify their referrals among two or more BPO providers to manage volumes, maintain timely orders and responses, and ensure business continuity. No more than 75% of BPO orders should be requested of a single BPO provider.
Effective immediately, the amount of the reimbursement for an exterior BPO is $80.00 and for an interior BPO is $105.00. The process for submitting requests for reimbursement remains unchanged and is described in the Servicing Guide, Part VIII, Section 108.04: Requests for Reimbursement.
Servicers who have questions should contact their Portfolio Manager, Servicing Consultant, or the National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (888-326-6435) with any questions.
To view the online Servicing Notice, please click here.
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 800 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.