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: 61

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

Craig Foley posted an event
Thumbnail

NESEA BuildingEnergy '15 at Seaport World Trade Center, Boston

March 4, 2015 from 10:30am to 12:30pm
High-Performance, Green Homes in Residential Real EstateInstructor Craig Foley will present three…See More
yesterday
Casey Gesell posted a video

ThermalDry® Insulated Floor Decking!

Larry Janesky, owner and founder of Dr. Energy Saver is once again On the Job insulating and finishing a basement in the northeast – and introducing a brand new insulation product: ThermalDry Insulated Floor Decking. ThermalDry Floor Decking was…
yesterday
Profile IconBergen Heat, Travis Thom and Amita Singh joined Home Energy Pros
yesterday
Tom White's video was featured

U.S. Department of Education Webinar for HVACR Educators

Rebroadcast from On April 30, 2013 Sharon Miller and Robin Utz of the U.S. Department of Education conducted a one hour webinar for HVACR educators to provide them firsthand information from Washington. Highlights include: * A blueprint to revise…
yesterday
Tom White posted a video

U.S. Department of Education Addresses HVACR Educators 4-30-2013

Rebroadcast from On April 30, 2013 Sharon Miller and Robin Utz of the U.S. Department of Education conducted a one hour webinar for HVACR educators to provid...
yesterday
Nate Adams's discussion was featured
Friday
Bud Poll replied to Bud Poll's discussion CO poisoning in Yarmouth Maine
"Hi Chad, I sure would like to hear the follow-up on what caused the CO issue down there.  As…"
Friday
Chad Mcaulife replied to Bud Poll's discussion CO poisoning in Yarmouth Maine
"I got a call yesterday from a homeowner who had a direct vent furnace installed a year ago and she…"
Friday

© 2015   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service