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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?
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Replies to This Discussion
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Permalink Reply by Dorian Dale on -
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.
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Permalink Reply by Gary Kahanak 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.
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