Electronic Lock Boxes Must Be Used

Electronic Lock Boxes Must Be Used

Fannie Mae has informed its listing brokers and Asset Management Providers (AMPs) that, effective July 1, 2011, “an electronic lockbox must be used if available in the area.”

Fannie Mae instructs that the electronic lockbox should be placed in a primary location such as the front door to market a property.

Fannie Mae appraisers, contractors, inspectors and employees will access the property using a mechanical combination lockbox that is placed in a secondary location such as a back or side door. However, Fannie Mae specifically informs its brokers and AMPs that buyer’s agents and buyer’s lenders are not permitted to use the mechanical combination lockbox.

Fannie Mae’s action should increase the use of electronic lockboxes and discourage code sharing. For more information, please refer to Fannie Mae’s FAQs, located here.