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: 58

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

Ramon Aguirre replied to Tom Conlon's discussion Whole House Fans - Love 'Em or Not?
"Whole house fan basically serves the purpose of exhaust fans. They are more cheaper than air…"
7 hours ago
Brandon Walton commented on Brandon Walton's photo
Thumbnail

2014-07-25 15.17.30

"While performing a QC it is always good to look inside the return.........."
16 hours ago
Brandon Walton posted a photo

2014-07-25 15.17.30

Supposed Sealed Return Chase
16 hours ago
Brandon Walton commented on Diane Chojnowski's group Facebook Pages
16 hours ago
Brandon Walton joined Diane Chojnowski's group
Thumbnail

Facebook Pages

Does your company or organization have a Facebook Page?This group is for pros who have facebook…See More
16 hours ago
Brandon Walton posted a discussion

12 Things Every Home Performance Contractor Should Have on Their Work Truck

Every home is unique and differs from the last. It would be a perfect world (from a project…See More
17 hours ago
Brandon Walton posted a blog post

12 Things Every Home Performance Contractor Should Have on Their Work Truck

Every home is unique and differs from the last. It would be a perfect world (from a project…See More
17 hours ago
Todd Collins replied to Mike Kandel's discussion Our Homes Suck – And That's Why Our Kids Have Sinus Problems
"Richard,   The study you cited states:    "Patrick N. Breysse, a public health…"
yesterday
Don Fitchett shared their blog post on Digg
yesterday
Don Fitchett shared their blog post on StumbleUpon
yesterday
Don Fitchett shared their blog post on Twitter
yesterday
Kurt Albershardt replied to John Shillito's discussion Fixing a water heater?
"2000 ppm CO is not a problem?  Really?  In what universe?"
yesterday

© 2014   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service