Fannie Mae Energy Improvement Feature, Whither Art Thou?

Late last year Fannie Mae rolled out a new product, its Energy Improvement Feature (EIF).  The EIF replaced the Energy Efficiency Mortgage.  On paper, the EIF seems to be a significant improvement, allowing up to 10% of the completed appraised value of the home to be for energy upgrades, up from the previous 5% cap.  So far, lenders in Arkansas seem clueless about the new program.  Is there a problem with the EIF, or a problem with Fannie Mae's promotion of the program, or what?  These refinance transactions should be flying off the shelf.  Clues, ideas, personal experience?

Views: 59

Reply to This

Replies to This Discussion

Given the paltry penetration of federal products over the years - FHA wrote only 1,006 EEMs in 2007 - poses at least two possible interpretations.  The Feds are removed and unable to effectively drill down to localities and/or these programs are merely window dressing to convey the impression they are making a contribution they are, in fact, not really that keen on.

Dorian, thanks for the feedback.  You may be right about the Fed lack of interest.  What struck me about the new Fannie Mae instrument is that lenders don't know about it.  In business, if you roll out a new product, you market the hell out of it, right?  If you want to be successful, that is.  I first learned about the Energy Improvement feature from RESNET about 5 months after the program was introduced.  I made contact with some bankers and lenders, and it was news to everyone I spoke with.  How hard is it to send an e-mail blast to your clients?  Fannie Mae could have made that program national news if they half tried. 

If anyone has actually used this Fannie Mae instrument, I would love to hear about it.

RSS

Home Energy Pros

Home Energy Pros was founded by the developers of Home Energy Saver Pro (sponsored by the U.S. Department of Energy,) and brought to you in partnership with Home Energy magazine.

Latest Activity

Hal Skinner commented on Hal Skinner's group The RCC Classroom (Radiant Control Coatings)
"Kurt, check your emails.  Sent you a friend request you need to confirm then I can send you a…"
2 hours ago
Kevin Jordan replied to Kevin Jordan's discussion Does anyone have pointers on approaching real estate induatry.
"thank you sir!! If you have any other tips Id appreciate. I am new in this industry and I go and…"
3 hours ago
Bud Poll replied to Kurt Shafer's discussion Where can I find the best radiant barrier to install under my roof?
"Hi Kurt, You mentioned "On a RESNET discussion some insulation experts agreed that insulation…"
4 hours ago
Kurt Shafer commented on Hal Skinner's group The RCC Classroom (Radiant Control Coatings)
"Wow, I am very sad to hear about your eyes.  Would have been super to do that comparison. Good…"
4 hours ago
Hal Skinner commented on Hal Skinner's group The RCC Classroom (Radiant Control Coatings)
"My dads house has an attached garage.  It was converted to living space around 20 years…"
4 hours ago
Kurt Shafer commented on Hal Skinner's group The RCC Classroom (Radiant Control Coatings)
"Hal, do I see a terrific chance for you to show us all the power of your RCC? Your father's…"
5 hours ago
Hal Skinner replied to Kevin Jordan's discussion Does anyone have pointers on approaching real estate induatry.
"Kevin, Several years ago I worked closely with a general contractor and a real estate…"
5 hours ago
Hal Skinner commented on Hal Skinner's group The RCC Classroom (Radiant Control Coatings)
"That same RCC, used as paint on the ceiling of living space, will do the same as if it was applied…"
5 hours ago

© 2014   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service