Fannie Mae SAM Approved Vendors

CPFSI Welcome to the forum. Sorry your first post has caused me to go into to a rant session. This is what I can tell you.

First: filling out the application on their website and having all the requirements will get you approved to be in the system and you will get a Fannie Mae Vendor Number this means you are approved to do work for Fannie Mae but only if they contact you. It does not mean you are approved to be used by an FSM or realtor to do Fannie work as a SAMS Vendor. I know because this is the stage we are in, so it really doesn't mean ****

Second: the reason you probably will not get a SAMS vendor to comment here (and I will tell you there are several who are on the forum, one even sells a property preservation book) is because they don't want the competition. They have a nitch; as FSM's and realtors do not have to get bids for much of the work, if they use an approved SAMS vendor.

Third: In our case there are five approved SAMS Vendors for our state (Yep just five and one is not even located in our state). We are working with a REO Asset Manger for Fannie, he has provided us with the list of approved SAMS vendor for our state. He continues to tell us he has steady work in three of our counties we service and that he is simply waiting for us to get our SAMS number. At a recent meeting (last week) he has been told that he must use an approved SAMS vendor for the Fannie work. Here is what really make me angry he has told us that the approved SAMS vendors do not want to travel to our area as the distance is to far for the work that needs done. Yet here we set.

Fourth: as you investigate you will find that this is one of the best kept secrets. We have made call after call to Fannie Mae, just when it sounds like we open a door another one shuts, it's frustrating. We have even contacted our state representatives, both have jumped in and are trying to help but even they have not had any luck as of yet.

So in a nut shell Good Luck. I hope you will get lucky once you submit your application in that Fannie will contact you. If you find the secret entrance door please let me know.

I am sure this will get some response. How about one of you SAMS vendors proving me wrong

Rich is right on target.

1 thing I will say is the Sams vendors program is being phased out (told last week) so the "niche" is going to be over.

Sams vendors are what they use for:
Rebuilding
Remodeling
Electrical
Mechanical
Environmental

The first 4 is going to be completed by a big "box store" that is national.

The 5th is being completed and managed by the environmental branch of Fannie and will require some additional certifications but otherwise remains the same.

At least that is how it has been explained to me.

Hi,

Couldn't help myself in answering this question. There is a way around the SAM Vendors. I'm not sure where you all service but we do work on Fannie Houses all the time. Its always random but it's based on the relationship you have with the Fannie Mae Brokers. There's a thing called the 571 form. That allows the Broker to choose their own companies to complete certain tasks. Now chances are you will never be a 1093 SAM Vendor. Most of those vendors have a decade long relationship steaming back before the REO boom. What you can do is research 571 and angle yourself that way.

It all of course based on the Fannie Mae Asset Manager you get, typically if it's an outsourcing company.. ehh your screwed all you do is rekeys. But I'll tell you the agents we work for.. we make a killing of rekeys. You need to know your market, your Brokers, the 571 caps and then you might have a chance on doing some work on these homes. Once you've done a about 10-15 571 repairs then other brokers jump in. Not everyone likes the SAM vendors. They aren't the nicest and they certainly aren't the fastest.


Good Luck all!

We need contractors

Hi Everyone,
I am Co founder of Nationwide Field Inspections. We are looking for good quick contractors to fill gaps in our coverage and replace poor contractors. We have coverage in 32 states but none are fully covered. I am getting very frustrated with ones we have that say I cover all these counties but then when work is sent to them they complain and don't do a good job or the job at all.

I am also a Realtor and President of my local association. I list and sell bank owned properties and know those of you that work with Realtors are good and do want the work.

We are strugling in MS right now and could really use the help! I have initial secure and lawn in Ocean Springs, MS that is now 4 days late. Is there anyone out there that has insurance and can help us? I have had it with the 4 people we have covering those counties down there and need some new blood.

We don't typically look for people this way but we really need quality people. NFI runs 10% discount on preservation work up to $250. You must be willing to do driveby inspections to get preservation work as the preservation work will come from those drivebys. Please visit www.nationwidefi.com to become a vendor for us. We will send you all the info and you can decide if you want to join our team. We are not only looking in MS. We need help in the Raliegh NC area as well. It is always good to have extra people so no matter where you are you are welcome to sign up.
Thanks !

Thanks so much! Have them go to the website and fill out a vendor app. They can put you down in there as how they heard of us. I tell ya I have been on a rampage the last few months. January we had the whole state of MS covered. I start doing the QC on the orders and sending them out and needless to say I have cut down to 1 contractor covering 1 county. Bananas! These people think I'm kiding when I say you won't get anymore orders. I will cut the coverage from the clients before I send in late and poor work. You tell me you cover 5 counties... you better cover all 5 counties even if only 1 order comes in or reduce your coverage. I'm so sick of hearing about gas prices. We are all in the same boat on that and there is nothing we can do. I had people down there that did the order the day it was sent to them but didn't return it for 6 days. the whole time not replying to my calls or emails. I reassigned it someone else who didn't get it in. Vicious cycle! I put an incentive on driveby inspections. If it's back in 24hrs you earn and extra $1. Late I take $1. Seems to be helping. I wish they were all like my guy in Spokane WA or Atlanta GA or even Chicago where they get hundreds at a time and are good. LOL I guess if they would just read the instructions it would save us all time and frustration. Don't get me wrong I have some great people out there but MS has really pushed me to the edge. We try to make sure the money goes to the contractors. Preservation... only 10% but not more than $250. Driveby inspections we keep $1 of each order. Clients pay more, contractor makes more. I got a fellow Realtor to cover the Ocean Springs order for me but could really use some good people in that state. Thanks again!