Fannie Mae No longer Allows Plywood in Pre-Foreclosure

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HousingWire is reporting that Fannie Mae recently announced that it “no longer accepts plywood boards as an acceptable boarding solution on windows of its properties.”  Recall that last year they said that mortgage servicers would be reimbursed for using clear boarding instead of plywood when securing homes in pre-foreclosure.  As of this new rule, they are now required to replace any plywood boarded windows with the clear boarding (or a new window).  There are two clear boarding products (aka poly-carbonate windows), SecureView and InvisiBoard, that have been approved for use by Fannie Mae.  Also, earlier this year Ohio became the first state to ban the use of plywood on vacant/abandoned properties.

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Director of Education & Outreach, National Real Estate Investors Association