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: 83

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

Latest Activity

Barbara Smith posted videos
13 hours ago
CharlieK posted a discussion

Eco-Cottage Program Applauded By Housing Groups, Suppliers & Lenders

AmeriSus a leading player in the eco-kit home business kicked off a new program on MLK-day which…See More
17 hours ago
Diane Chojnowski posted a discussion

Call for Nominations: Tony Woods Award and Building Performance Hall of Fame

The Building Performance Institute, Inc. (BPI) is seeking nominations for the 2017 Tony Woods Award…See More
18 hours ago
Diane Chojnowski added a discussion to the group 1000 Home Challenge
Thumbnail

January Webinar: Intro to the 1000 Home Challenge

The January Intro to the 1000 Home Challenge webinar will be  Friday, Jan 20 at 10-11:30 AM eastern…See More
18 hours ago
Diane Chojnowski's event was featured
Thumbnail

Introduction to the 1000 Home Challenge Webinar at Eastern Time

January 20, 2017 from 10am to 11:30am
The January Intro to the 1000 Home Challenge webinar will be  Friday, Jan 20 at 10-11:30 AM eastern…See More
18 hours ago
Diane Chojnowski posted an event
Thumbnail

Introduction to the 1000 Home Challenge Webinar at Eastern Time

January 20, 2017 from 10am to 11:30am
The January Intro to the 1000 Home Challenge webinar will be  Friday, Jan 20 at 10-11:30 AM eastern…See More
18 hours ago
Barbara Smith's video was featured

NY State Weatherization Story

The Weatherization Assistance Program (WAP) is an energy efficiency and conservation program administered by the New York State Homes and Community Renewal (...
18 hours ago
Quinn Korzeniecki added a discussion to the group Building Performance Institute (BPI)
Thumbnail

Call for Nominations: Tony Woods Award and Building Performance Hall of Fame

The Building Performance Institute, Inc. (BPI) is seeking nominations for the 2017 Tony Woods Award…See More
19 hours ago

Home Energy Pros

Welcome to Home Energy Pros – the unique digital community by and for those who work in the home energy performance arena.

Home Energy Pros was founded by the developers of Home Energy Saver Pro (supported by the U.S. Department of Energy) and brought to you in partnership with Home Energy magazine.  Home Energy Pros is sponsored by the Better Buildings Residential Network. Please honor our Guidelines

© 2017   Created by Lawrence Berkeley National Laboratory.   Powered by

Badges  |  Report an Issue  |  Terms of Service