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: 81

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

Videos

  • Add Videos
  • View All

Twitter

Latest Activity

Barbara Smith's video was featured

Weatherization: Crawl Spaces

Crawl Spaces - Training for Weatherization Installers. Re-posted from Seventhwave.org
22 minutes ago
Kelly replied to Colin Genge's discussion What is the value of using a pressure pan to test outlets?
"Hi Colin, I like using the pressure pans at outlets to guide my inspections once I'm in the…"
17 hours ago
Leo Klisch commented on Home Energy Magazine's blog post Natural Gas is Becoming Less Attractive
"It seems a bit wasteful to use NG for such a low temperature application as space heat. If a heat…"
17 hours ago
HomeWiz posted photos
18 hours ago
Kobus Niemand commented on Jim Gunshinan's blog post A Healthy Home and a Healthy Bottom Line
"Thanks for the download! Great paper,  Homes receiving EE can experience increases in radon…"
19 hours ago
Jan Green replied to Rob Madden's discussion DOE Home Energy Score
"Agreed Sandy on all counts!   HES and HERS will be confusing to everyone that doesn't…"
20 hours ago
Steven Lefler replied to David Eakin's discussion A Growing American Problem In Search Of Valid Answers
"Modular Lifestyles has developed proven Net Zero factory built as a modular or his HUD code…"
20 hours ago
Joshua Fletcher posted a blog post

Are low-E glass windows good to install on desert homes?

Energy Efficient Windows That Lower Energy BillsThe technology used in windows continues to deliver…See More
20 hours ago

© 2016   Created by Lawrence Berkeley National Laboratory.   Powered by

Badges  |  Report an Issue  |  Terms of Service