July 24, 2014 -- We continue to enhance our processes to deliver top notch customer service. Since the roll-out of the new Pre-Review Soft Quote on June 1, I’m pleased to share that our Deal Teams have provided soft quotes for 80 new deals. This simpler, streamlined process reduces paperwork up front and allows you to respond to your Borrowers faster than ever – and that’s a competitive advantage for Fannie Mae and you.
The Soft Quote process is easy as 1-2-3. Every deal (with the exception of Credit Facilities/Pre-Review Markets that are not delegated at any tier level) is eligible, as long as the Borrower is in good standing.
|Step 1:||DUS Lender Submission - The DUS Lender registers the loan in Deal Management and sends the cash flow analysis spreadsheets and a completed Smart Quote Sheet to the appropriate Fannie Mae Multifamily NAM Team e-mail mailbox.|
|Step 2:||Fannie Mae Authorization - The Fannie Mae team reviews the Soft Quote request within 36 hours and, if the request is approved, Fannie Mae issues an email authorization to proceed, subject to final approval and any applicable conditions. Then, the DUS Lender provides the Soft Quote to the Borrower.|
|Step 3:||DUS Lender Wins Deal - After the deal is approved, the DUS Lender resubmits Smart Quote Sheet and cash flow analysis spreadsheets – as well as any applicable updates – to Fannie Mae, and we then issue a final Response Letter delegating the deal back to DUS Lender.|
The new Soft Quote process is just one more way we are adapting to help you stay competitive and win quality business. If you have any questions about Soft Quoting or anything else, please reach out to me or to any member of your Deal Team.