Realtors Property Resource, a subsidiary of the National Association of Realtors, has formed a strategic partnership with mortgage giant Fannie Mae focused on closing short sales more efficiently.
The partnership will expand the listing information for REOs (real estate-owned properties) in RPR’s national parcel-based database and offer Realtors new and specialized training options and tools designed to reduce the time it takes to bring distressed properties to market and the time it takes to close the sale of the properties, said Dale Ross, RPR’s CEO, in a blog post.
RPR is available to all NAR members, though members who belong to multiple listing services that do not feed listing information to RPR have more limited access.
"In markets where the multiple listing service (MLS) agrees to partner with RPR and Fannie Mae, Realtors will have access to information, tools and training to assist in identifying and expediting a Fannie Mae short sale," Ross said.
"Fannie Mae and RPR will also be providing Realtors with data and training on Fannie Mae’s short sales and recommended list prices. This partnership will also serve to create broad exposure for Fannie Mae training content and REO listings through the RPR site. RPR and Fannie Mae have already begun the process of integrating Fannie Mae’s data content, training, and tools within the RPR application."
It is unclear which of the new features, if any, will be available to all Realtors and which will only be available to those whose MLSs are participating in RPR. RPR did not immediately respond to requests for comment by publication time.
Lender Processing Services Inc. is using RPR’s MLS data to notify servicers when properties in their loan portfolio are listed in an MLS in order to help servicers flag short sales, LPS announced recently.