HomePath Online Offers Guide for Listing Agents

Transcription

1 HomePath Online Offers Guide for Listing Agents

2 The guide is designed to assist Fannie Mae Listing Agents using the HomePath Online Offers program. The HomePath Online Offers program is designed for Fannie Mae Listing Agents and buyers Selling Agents to interact with each other and provide important feedback to Selling Agents regarding the status of their presented offers. There is no change to existing processes for the interaction between Listing Agents and Fannie Mae Sales Representatives under the HomePath Online Offers program. Listing Agents/AMPs remain responsible for entering every online offer into AMN or Equator and consulting with their Sales Representative before responding to each offer. Listing Agents are still required to: Enter all offers in the Fannie Mae AMN or Equator Consult with their Fannie Mae Sales Representative or AMP as applicable before responding to offers Enter offers from ineligible investors not using public funds during the First Look period which will be rejected by the Sales Representative Comply with the REO Sales Guide in the management of the offer process Questions about how to navigate the HomePath Online Offers system should be directed to Note: The Listing Agent and Selling Agent information are for illustrative purposes only. Page 1

3 Table of Contents Enhancements...3 Make an Offer Screen (Selling Agent)...3 Explanation of Changes to the Make an Offer Screen...5 Make an Offer Breadcrumbs...5 Making an Offer (Selling Agent)...5 Listing Agent Dashboard...6 Log In...7 First Time User Log In and Registration (Selling Agent)...7 First Time User Log In and Registration (Listing Agent)...8 Subsequent Log Ins...9 Passwords...9 Forgot Login Password...9 Changing Passwords...10 Changing Password at the Profile Screen...11 Managing Offers (Selling Agent)...13 Managing Offers (Listing Agent)...16 Explanation of Online Offer Listings screen...16 View Offers...17 Explanation of View Offers screen...18 Accepting an Offer (Listing Agent)...18 Countering an Offer...19 Rejecting an Offer...21 Initiate Multiple Offer Round Process...22 Initiate Multiple Offer Screen in Detail...25 Fall Through...25 Fall Through Procedures Not Done...28 System Generated Notices...29 Forgot Password and/or Changing Password...29 Selling Agent New Account Creation (Selling Agent will receive)...29 Offer to Purchase (Listing Agent will receive)...29 Offer Accepted (Selling Agent will receive)...30 Counter Offer (Selling Agent will receive)...30 Offer Rejected (Selling Agent will receive)...31 Multiple Offer Round Started (Selling Agent will receive)...31 Multiple Offer Round Ended (Listing Agent will receive)...32 New Listing Agent Account Confirmation (Listing Agent will receive)...33 Contacts...33 Comments...34 General Comments...34 Counter Offers...34 Multiple Offers...34 Frequently Asked Questions...34 Page 2

4 Enhancements Beginning August 2, Fannie Mae is launching enhancements to the HomePath Online Offers system. These enhancements are a direct response to user feedback and will ease the process of submitting, managing, and negotiating offers. The new functionality and features include: An offer submission wizard that guides buyers agents through the steps to creating an offer. Mandatory document upload: Sales Contract and Fannie Mae Addendum for investor offers plus the Fannie Mae Owner Occupant certification for non-investor offers. Three new data collection fields to better sync up with required fields in AMN and Equator. Ability to enter international addresses for buyers. Ability to create shorter multiple offer deadlines. More information in notification s and offer management screens to help you quickly identify offers. Expanded capabilities to help you manage, organize, and distinguish between active and inactive offers. Access to training materials from every page of the Online Offers system. Make an Offer Screen (Selling Agent) Page 3

5 Those areas with a purple circle around them indicate a new feature to the Offer to Purchase screen. An explanation follows per indicated number below. Page 4

6 Explanation of Changes to the Make an Offer Screen Number 1 Show screen thread Explanation 2 Addition of indictors at the top of every entry screen to show progress and ensure all steps in the offer entry process have been completed Each step will have a separate page representing the step you are in. A continue button will be present at the bottom of the page allowing the user to proceed to the next step 3 First Look counter indicating days left in the First Look period, information will follow HomePath.com standards 4 Ability to select Buyer s country 5 Requires a yes or no response 6 Ability to input concessions in dollars or as a percentage of the offer price 7 System will generate net offer amount 8 Roll mouse over Buyer Type field name to view Buyer Type descriptions 9 Roll mouse over Buyer s Representation field name to view Buyer s Representation descriptions 10 Addition of Closing Date Field with requirement that date be validated as today +1 to any date in the future 11 Help box appears on all pages which provides access to help documentation at any time 12 The buyer agent s phone number is editable 13 Starting in late August, system allows for offer to be saved and completed within a 24 hour timeframe 14 Click on Cancel to cancel offer at any time Make an Offer Breadcrumbs The Online Offer process to make an offer has been separated and identified into 5 simple steps: 1. Offer to Purchase 2. Offer Review 3. Terms & Conditions 4. Upload Documents 5. Offer Complete The Online Offers system will track your progress as you proceed through each step. Making an Offer (Selling Agent) Page 5

7 This is an overview of what will take place when the Selling Agent makes an offer (please refer to the Online Offer Selling Agent Guide for detailed instructions). Once you have selected the property and click the Make an Offer button: 1. Offer to Purchase a. Complete Lines 1 through 15 on the Offer to Purchase form b. Complete Contingency and Comment field if necessary c. Review Transaction Terms of Use d. Click the Continue button 2. Offer Review a. Review the Offer Details b. Click the Edit button to edit information 3. Terms & Conditions a. Check boxes for acknowledgement i. Terms of Use ii. Permission b. Click the Submit and Confirm button 4. Upload Offer Documents a. Click the Upload Documents button b. Browse/Upload the Addendum c. Browse/Upload the Sales Contract d. Browse/Upload the Owner Occupancy Certification (if necessary) 5. Offer Confirmation a. Print the Confirmation for your records (Selling Agent) b. Listing Agent receives an notifying of new offer, see System Generated Notices, Example #3 Listing Agent Dashboard The Listing Agent Dashboard My Listings tab has been changed to Online Offer Listings. Page 6

8 Log In First Time User Log In and Registration (Selling Agent) The steps below should be followed by all first time Selling Agents. Note: Listing Agents will be automatically registered. See below. Step 1 Go to 2 Click on the words Log In 3 Click on the Register Now button Note: Potential Home Buyers are instructed that only licensed Real Estate Agents can submit offers. 4 Complete all red starred (*) fields, then click on the Submit button 5 Review Agent Registration Page 7

9 Step If Correct Then Click on the Confirm button Not Correct Click on the Edit button and make appropriate edits. Once appropriate edits are made, click on the Confirm button. Notes: Selling Agents will receive a confirmation containing their address and their initial password After confirming their information, Selling Agents will have to contact [email protected] to update any registration information other than their passwords First Time User Log In and Registration (Listing Agent) Listing Agents will be automatically registered. Fannie Mae will send an with log in and password information when the listings are posted initially to HomePath.com. Page 8

10 Subsequent Log Ins Follow these steps to log into the HomePath Online Offers system if the initial registration has already been completed and/or you re a Listing Agent. Step 1 Go to 2 Click on the words Log In 3 Type in your address in the * box 4 Type your password in the Password* box 5 Click on the Log In button Note: Listing Agents use log in and password information sent by upon initial listing of their properties. Passwords Forgot Login Password Follow these steps to have forgotten password ed to you. Step 1 Click on words Click here in the Forgot your password line Page 9

11 Step 2 Type in address in * box 3 Click on the Get my password button. Note: The password will be ed to the address entered into the box in Step 2. Changing Passwords Change Password at Log In Screen These steps below should be followed to change passwords at the login. Step 1 Click on the words Click here in the To change your password. line. 2 Enter appropriate information in all the starred boxes * Page 10

12 Step Note: Password must be 8 characters (letters and/or numbers). Passwords do not expire. 3 Click on the Change password button Note: The individual will receive a confirmation which can be seen in the System Generated Notices section, Example #1. Changing Password at the Profile Screen These steps below should be followed to change passwords at the Profile screen. Step 1 Click on the Profile button. 2 Type appropriate information in the following fields; Original password, New password and Confirm password. Note: Password must be 8 characters (letters and/or numbers). Passwords do not expire. Page 11

13 Step 3 Click on the Change password button. Note: The individual will receive a confirmation which can be seen in the System-Generated Notices section, Example #1. 4 To perform the following tasks, click on the appropriate tab. If Locating properties Reviewing offers (Listing Agent and Selling Agent) Reviewing listings (Listing Agent) Then Click on the Home tab Click on the My Offers tab Click on the Online Offer Listings tab Page 12

14 Managing Offers (Selling Agent) Below is an overview of all headings that may appear on My Offers screen. Headings that appear will depend on actions taken. Page 13

15 Notes: Offers under the Inactive heading are available to be revised by the Selling Agent for as long as the property is in listed status The up-down icon allows for the information under that header to be sorted in ascending or descending order depending upon the column description Step 1 View Offer 2 Listing Agent Click on the words View Details to view offers made Click on My Offers tab to return to screen shot above Click on the words Listing Agent to view Listing Agent information Result: The following pop up will appear Click on the Close button to return to screen shot above 3 Revise Click on the word Revise to update offer and make appropriate changes Result: The Offer To Purchase screen will appear and follow steps 2-5 of Making an Offer, page 6 Notes: The Selling Agent can revise more than once if needed but each revision requires an upload of new documents In a Multiple Offer Round, the Selling Agent will be notified per to take one of the following actions, Revise, Rescind or Keep. If they do not take one of these actions before the deadline their offer will be rejected as shown in the System Generated Notices section, Example #7 4 Rescind Click on the word Rescind to rescind the offer Result: The following pop up box will appear Click on the Yes button Notes: The Selling Agent can rescind offer at any time Page 14

16 Step In a Multiple Offer Round the Selling Agent will be notified per to take one of the following actions Revise, Rescind or Keep. If they do not take one of these actions before the deadline their offer will be rejected as shown in the System Generated Notices section, Example #7 5 Keep Click on the word Keep to keep offer. The following pop up box will appear Click on the Yes button Notes: No documents need be sent as they were sent with initial Offer In a Multiple Offer Round, the Selling Agent will be notified per to take one of the following actions Revise, Rescind or Keep. If they do not take one of these actions before the deadline their offer will be rejected as shown in the System Generated Notices section, Example #7 Page 15

17 Managing Offers (Listing Agent) Below is an overview of screen after clicking on Online Offer Listing tab. Note: Properties are shown in descending order starting with the highest number of active offers. Explanation of Online Offer Listings screen 1 Listing Details By clicking on the word View the property Listing information will appear from HomePath 2 Listing Status Information is pulled from the Listing information page from HomePath 3 Listing Address Information is pulled from the Listing information page from HomePath 4 List Price Information is pulled from the Listing information page from HomePath 5 Active Offers By clicking on the Number of Active Offers the high level offer information screen will display for that specific property as shown in the example below Clicking on the number 0 will show offer history on offers made Click on the Online Offer Listings tab to return to screen shot above 6 Inactive Offers Displays the number of Inactive Offers for that specific property 7 Offer Status 6 View Offers No Required no action required for that specific property Required there has been activity on that specific property that requires action No Offers Available there have not been any offers made on that specific property By clicking on the words View Offers the high level offer information screen will display for that specific property as shown in the example below Click on the Online Offer Listings tab to return to screen shot above Page 16

18 View Offers This is the View Offers screen which appears after clicking on the words View Offers from example on previous page. Notes: This example is modified to show all possible headings. Results will vary due to actions taken The process for consulting with Fannie Mae Sales Representatives and/or AMPs and entering information in AMN or the system of record is not changing. Page 17

19 Explanation of View Offers screen 1 Accepted Offer Once an offer has been accepted it will populate here. Note: Once an offer cycles in AMN, or Equator, it will show as Under Contract in HomePath.com and the Make an Offer button will be removed from listing. 2 Active Offers Offers will first appear under this heading. Offers can then be viewed to see details and documentation as well as the appropriate action can be taken e.g. accept, counter or reject. 3 Multiple Offer Deadline 4 Active Offers Under Negotiation Offers that are qualified will appear under this heading after the Initiate Multiple Offer Process button is clicked on in the Active Offers heading. Offer is under negotiation Notes: These offers do not require any action from the Selling Agent unless a final deal is struck, in which case they would revise the offer and upload new documents that reflect the final deal. There is no need to enter counter proposals in back and- forth online negotiations If there are any other offers listed under the Active Offers heading when a counter is made they will populate under the Active Offers - Pending Review heading with the only action to take is to reject the offer 5 Inactive Once an offer is rejected it will populate here Accepting an Offer (Listing Agent) These steps below should be followed by the Listing Agent to accept an offer. Step 1 Locate offer to Accept and click Accept Page 18

20 Step 2 Select Yes to accept the offer 3 Result: The rejected offer will populate under Accepted Offer heading of the Online Offer Listings screen. Listing Agents will see a New stamp under the Accepted offer heading Notes: Selling Agents will see the offer under the Accepted Offers heading in the My Offers screen Countering an Offer These steps below should be followed by the Listing Agent to counter an offer. Step 1 Locate offer to Counter and click Counter Page 19

21 Step 2 Select 2 (Two) Days) radial button unless there is a holiday weekend at such time choose the option that would best apply Result: The counter offer will populate the Active Offers Under Negotiation Deadline (Negotiation End Date) heading of the Online Offer Listings screen. Listing Agents will see a New stamp under the Accepted offer heading. Notes: The only action that can be taken is End Negotiation and when clicked on the counter offer will populate under the Inactive heading with a Countered status Negotiations can take place outside of HomePath.com (over the telephone, fax etc). When deal is made Selling Agents need to revise offer in HomePath to reflect final deal, go through confirmation process and upload new docs. If no deal is reached, no action is required by Selling Agent The Selling Agent will receive an Counter Offer as shown in the System Generated Page 20

22 Step Notices section, Example #5 Any other pending offers Selling Agents will receive an Offer Rejected as shown in the System Generated Notices section, Example #6 Countering an offer must be notated in AMN or Equator as well Rejecting an Offer These steps below should be followed by the Listing Agent if an offer is rejected. Step 1 Locate offer to Reject and click on Reject 2 Click on the Yes button 3 Result: The rejected offer will populate under the Inactive heading of the Online Offer Listings screen Page 21

23 Step Notes: The Selling Agent will receive an Offer Rejected as shown in the System Generated Notices section, Example #6 The Listing Agent is responsible for rejecting (after consultation with their Sales Rep or AMP) any investor offer, not using public funds, during the First Look period. Any such offers still need to be entered into AMN or Equator Rejecting an offer must be notated in AMN or Equator as well Initiate Multiple Offer Round Process These steps below should be followed by the Listing Agent if there are multiple offers on a specific property. Step 1 Follow present process to determine a multiple offer situation If it Is Then Click on the Initiate Multiple Offer Process button under those listings under the Active Offers heading Note: Best Practices states to trigger a Multiple Offers Round whenever two or more bona fide offers exist Page 22

24 Step Select the appropriate radial button for the time frame you which to open the Multiple Offers Round Results: A Multiple Offers heading will appear on the screen Is Not Notes: If there are offers you do not want to include in the Multiple Offer Round such as an investor offer during the First Look Period, then click the Reject button before you initiate the Multiple Offer Round This will automatically trigger an informing all impacted Selling Agents they are in a Multiple Offers Round and provide specific instructions to them as shown in the System Generated Notices section, Example #7 HomePath.com sends the Listing Agent a confirmation when the Multiple Offers Round ends Proceed to Step 2 once the Multiple Offers Deadline Date in orange disappears Note: After the multiple offer round ends, the Multiple Offers heading disappears and: Any offers that were revised or kept will appear under the Active Offers heading Any offer that was rescinded or where there was no response by the deadline will appear under the Inactive heading Click on the appropriate action; Accept, Counter, Reject Notes: The Selling Agent needs to respond to the Multiple Offers Form with in the response deadline. If they do not respond their offer will be automatically rejected. The Selling Agent can respond by clicking the action link in the Multiple Offers Form or by clicking on one of the action links their offer on their My Offers page to Revise, Keep or Rescind the offer Any Selling Agent can join a Multiple Offers Round that is in progress at any time. HomePath will automatically send out the same Multiple Offers (with the same deadline) that all other Selling Agents in the Multiple Offers Round received A Multiple Offers situation must be notated in AMN or Equator as well Page 23

25 Step 2 Review and decision offers If Accepted Counter Reject Then Click on the word Accept Notes: Refer to Accepting an Offer page 18 The Selling Agent will receive an Offer Accepted as shown in the System Generated Notices section, Example #4 Click on the word Counter Notes: Refer to Countering an Offer page 19 The Selling Agent will receive a Counter Offer as shown in the System Generated section, Example #5 Click on the word Reject Notes: Refer to Rejecting an Offer page 20 The Selling Agent will receive an Offer Rejected as shown in the System Generated Notices section, Example #6 Page 24

26 Initiate Multiple Offer Screen in Detail Notes: Until the date in orange disappears the Listing Agents cannot end the round early nor can any action be made on any properties listed as one of the multiple offers, i.e. Accept, Counter, and/or Reject Once the Multiple Offers Round expires, all responses appear under the Active Offers heading and the Multiple Offers heading goes away. All Selling Agents offers will be rejected unless they respond within the expiration date listed in the they receive In the far right column, Responded, those Selling Agents that have responded Yes or No will appear next to the appropriate offer. This section is designed to help the Listing Agent know who has already responded so they can reach out to those that have not responded if they choose to The Multiple Offers Deadline should be 24 hours unless there is a special circumstance (such as a holiday weekend) approved by the Sales Representative or Asset Manager Any response to the Multiple Offers form has to be entered by the Selling Agent in HomePath.com Fall Through Once a deal has fallen through, follow current procedures in AMN or the system of record The Listing Agent must take the Fall Through action to put the offer in active offers status. Once this action is taken the Listing Agent will be able to accept, counter and/or reject incoming offers after the nightly system cycle. If the Fall Through action is not taken, the only action the Listing Agent can take is to reject incoming offers. These steps below should be followed when a deal falls through to allow other offers to be accepted, countered, or rejected. Page 25

27 Step 1 Click on the words Fall Through Note: The Fall Through functionality will occur after the nightly cycle of Fannie Mae s system of record and the Make an Offer button is placed back on the property. 2 Click on the Yes button Notes: The Selling Agent will receive an Offer Rejected as shown in the System Generated Notices section, Example #6 Process is complete in HomePath.com and the offer will show under the Inactive heading and in Rejected status as shown below Page 26

28 Step A Fall Through must be notated in AMN or appropriate system of record as well When the above Fall Through procedures are completed the Accept, Counter and Reject actions can then be taken on new offers made. The Fall Through offer will appear in under the Inactive heading of the Online Offer Listing screen as shown below. Page 27

29 Fall Through Procedures Not Done If the Fall Through procedures are not done, new offers can still be made but the only action a Listing Agent will be able to take is to reject the offer, as shown below Page 28

30 System Generated Notices Below are examples of system generated notices when various actions are taken within the HomePath Online Offers system. Forgot Password and/or Changing Password Example #1 Immediately generated when a request is made to be notified of existing password and/or password that is changed Selling Agent New Account Creation (Selling Agent will receive) Example #2 Immediately generated when a new Selling Agent registers under the online offers program Offer to Purchase (Listing Agent will receive) Example #3 Immediately generated when the selling agent submits an offer upon a completed offer submission Page 29

31 Offer Accepted (Selling Agent will receive) Example #4 Immediately generated when this listing agent accepts an existing offer Counter Offer (Selling Agent will receive) Example #5 Immediately generated when this listing agent counters an existing offer Page 30

32 Offer Rejected (Selling Agent will receive) Example #6 Immediately generated when the listing agent rejects an existing offer Multiple Offer Round Started (Selling Agent will receive) Example #7 Immediately generated when the Listing Agent starts a multiple offer round. will be sent in reply to any new offers on the listing that are made prior to the deadline with the exception of investor offers that are made during the First Look Period. Page 31

33 Multiple Offer Round Ended (Listing Agent will receive) Example #8 Immediately generated when the response deadline (date and time) for the Multiple Offers Round is reached Page 32

34 New Listing Agent Account Confirmation (Listing Agent will receive) Example #9 Immediately generated when HomePath creates a new Listing Agent with one or more listing. Contacts Assistance for Listing Agents with discrepancies with their listing on HomePath Online Offers or questions, should [email protected] Page 33

35 Comments General Comments Starting on the launch date, the Selling Agent will need to enter any offer on a property in the HomePath Online Offers program online at HomePath.com. Listing Agents cannot enter an offer on behalf of the Selling Agent. Counter Offers When the Listing Agent clicks counter on an offer, HomePath captures the event of a counter by the seller, but not the terms of the deal of the counter itself, meaning that the Listing Agent is responsible for communicating Fannie Mae s terms to the Selling Agent via customary means. Multiple Offers The system-generated Multiple Offers Form replaces the current paper form for the pilot. All responses to the Multiple Offers Round, revise or keep, are displayed as Active Offers Pending Review after the highest and best round expires. Frequently Asked Questions General Information 1. How do I get trained on HomePath Online Offers? Please ensure that you (and your team members) attend recorded training on HomePath Online Offers. Please click on question mark listed on the listing details page to access training or send an to [email protected] to request a link to the training guide. 2. How does HomePath Online Offers handle properties in a ZIP Code that falls partially within and partially outside a county that is eligible for online offers? In any boundary issues involving ZIP codes and county lines, HomePath Online Offers uses the ZIP code to resolve whether a listing is in the pilot. HomePath.com uses the list of ZIP codes in a county in the pilot markets in their entirety, even if a given ZIP code straddles the county line. 3. Is the HomePath online offer system applicable to all HomePath properties in both the direct and the outsourced sales channels? Yes. 4. Once an offer is accepted, does the Listing Agent still prepare the contracts and send them to the Selling Agent or does HomePath do this automatically? There is no change to the existing process. Upon acceptance, a new sales contract and addendum reflecting the final negotiated terms must be prepared, signed by the buyer and submitted for seller signature. HomePath does not automatically do this. 5. If the Selling Agent does not upload a buyer signed Fannie Mae Addendum will the offer be considered complete and presented to the Listing Broker? No. The Selling Agents will now be required to upload the sales contract and Fannie Mae Addendum (and in some instances the owner occupant certification form) in order for their offer to be considered complete, otherwise their offer will not be considered and will not be presented to the listing broker for review. 6. Does the HomePath Online Offers pilot help with owner occupant verification? Page 34

36 No. The Listing Agent will perform due diligence to verify that the prospective buyer is an owner occupant by following the existing processes. However, the selling agent should upload the Owner Occupant Certification form when they submit an offer for a owner occupant buyer. Buyers who are investors do not have to submit this form. 7. Does Fannie Mae or its AMPs have access to the online offer history in HomePath.com? Yes. 8. Does HomePath enter offers into the system of record (AMN or Equator) automatically? No. The Listing Agent must still follow the existing processes to enter all offers in the system of record. 9. Should I encourage the Selling Agent to upload any additional documents or attachments to the sales contract and Fannie Mae Addendum in HomePath.com? No. It is very important that the Selling Agent should upload only the sales contract and Fannie Mae Addendum to an online offer in HomePath.com. The Selling Agent is asked to affirm that these uploaded documents are free of any attachments or additional information of any kind. 10. How can the Selling Agent comply with the request to upload the complete Fannie Mae Addendum with the online offer, when he or she does not know the acknowledgement date? In order to submit an offer, the Fannie Mae Addendum must be signed and complete except for the acknowledgement date. Upon reaching an agreement, the Listing Agent will prepare a new sales contract and Fannie Mae Addendum reflecting the final negotiated terms and the acknowledgement date will be included at that time. 11. Does the Online Offers system affect both new and existing listings? Yes. 12. Does the Listing Agent need to put paper offers that were received prior to the HomePath online offers launch date into the system? No, the Listing Agent should enter paper offers received prior to the launch date into their existing system of record, not into HomePath Online Offers system. 13. What should I expect in the days immediately following the launch date? Paper offers received prior to the launch date that are still pending a seller response will continue to work their way through the old offer process. During the first 48 hours immediately following the launch, please take care to consult with your Sales Rep or AMP before taking action on offers submitted before the launch date and that are still pending review. By the third day post launch, paper offers still pending should have received a response from the seller. 14. Who do I contact if I still have questions? [email protected] Preparing a Online Offer Listing 15. How can Listing Agents prepare for a successful launch of HomePath Online Offers? Step 1: Take advantage of training resources (FAQs, Online Offer Guides, etc.) provided by Fannie Mae. Step 2: Check each Fannie Mae REO listing to verify the following: o o The Listing Agent s address is correct and consistent across each of the following sources (if applicable) AMN, ListHub, MLS, with your agency. The ZIP code is correct. Page 35

37 o The MLS Agent Comment s specify that all offers must be submitted in HomePath.com. 16. When will I be notified of my HomePath.com Listing Agent account and password so I can view my listings? Existing Listing Agents will receive an containing your HomePath Listing Agent account and password on the launch date. New Listing agents will receive an containing their HomePath Listing Agent account and password on the next day after their first listing is assigned in the Fannie Mae systems of record. 17. What are the Listing Agent s new responsibilities for marketing their listings in the counties where Online Offers are available? For actively marketed HomePath properties in the target markets or for any new listings in the target market after the launch date, please do the following: Please place the following sentence in the Agent Only Remarks in an MLS listing in Orlando or San Diego: The seller has directed that all offers on this listing should be made online in HomePath.com. Please go to to make an offer. Please place the following sentence in the Agent Only Remarks in an MLS listing in Detroit: The seller has directed that all offers on this listing should be made online in HomePath.com. Please go to to make an offer. 18. The San Diego MLS does not allow a URL under agent remarks. It can only be included in confidential remarks. How do we handle that? Place the message that the seller requires online offers in the agent remarks and place the URL in the confidential remarks. Page 36

38 Managing Offers 19. Are Listing Agents able to accept offers from Selling Agents via fax or hand delivery instead of through HomePath.com? No. All offers in the areas that are eligible to receive online offers have to be submitted online through HomePath. 20. Can the Listing Agent enter the offer into HomePath.com on behalf of the Selling Agent? No, the Listing Agent cannot enter the offer in HomePath.com on behalf of the Selling Agent. If the Listing Agent believes there is a situation where it is not possible for the Selling Agent to enter the offer via HomePath Online Offers, the Listing Agent may contact their Fannie Mae sales representative or AMP to explain the situation. Any variance to the requirement that offers be submitted through HomePath Online Offers will require Fannie Mae written authorization. It is anticipated that authorization will only be given in extreme or unforeseen circumstances. 21. Is there any change in the way Listing Agents submit offers to Fannie Mae? No. The HomePath Online Offers pilot automates communication between the Selling Agent and the Listing Agent. There is no automated interface between HomePath Online Offers and the Listing Agents existing systems of record. Listing Agents will continue to transmit each offer to Fannie Mae and consult with their Sales Rep or AMP as they do today. 22. What do I do when HomePath does not display the Make an Offer button on a HomePath property that I know is being actively marketed within the counties eligible for Online Offers? HomePath does not provide the option to Make an Offer on a property whose status indicates that it is a) coming soon to the market; b) under contract or c) locked down for auction. Moreover, only properties with ZIP codes located within the target counties (Lake, Orange, Osceola and Seminole Counties in Florida, San Diego County in California and Wayne County in Michigan) are eligible for HomePath online offers. If a HomePath property is being actively marketed (not found in Coming Soon or Under Contract status in the system of record or locked down for auction) and it is located within a ZIP code within the pilot counties, the Make an Offer button should be displayed. Please check the listing to ensure that the ZIP code is correct. If the ZIP code is correct, report the problem to Fannie Mae at [email protected]. 23. Are properties which have been locked down for alternative disposition eligible for online offers? No. 24. What do I do when I can t find one of my Fannie Mae REO properties in one of the counties that are eligible for online offers in HomePath on the My Listings screen? Please check the listing to ensure that the Listing Broker s address is correct. Second, please verify the property status is not Coming Soon or Under Contract. Third, please check to make sure the listing has not been locked down for auction. If you have verified that the property should have the Make an Offer button turned on and the Listing Broker s address is correct, report the problem to Fannie Mae via at [email protected]. 25. Do all offers need to be submitted in HomePath.com for the multiple offer functionality to work? Yes, all offers must be submitted in HomePath.com in order for the multiple offers functionality (to request highest and best from competing offers) to work properly. 26. What should I do if a Selling Agent sends me a paper offer instead of submitting an online offer in HomePath? The goal of the Online Offer system is to get the Selling Agents to enter 100% of their offers into HomePath.com. HomePath functionality such as multiple offers only works correctly if all the offers are in the system. Page 37

39 Please encourage the Selling Agent to put in their online offer in HomePath. After the Selling Agent reviews the training content (webinars, FAQs, etc.) on the HomePath online offers help page, they should be able to submit an offer in less than 10 minutes. You may want to coach the Selling Agent through their first HomePath online offer, but please do not attempt to make the offer for the Selling Agent. 27. I updated information in my system of record (AMN or Equator), but I m not seeing the change reflected on HomePath.com. Why not? Data is sent from Fannie Mae to HomePath.com on a nightly basis (excluding Sundays). Data that you update in either AMN or your system of record will not appear until the following day. Changes that you make in HomePath regarding Online Offers will be visible immediately. 28. I have an online offer from an investor, not using public funds, and the property is still under First Look. What should I do? As it is today, Fannie Mae asks to see all offers presented on a property, so enter the offer into AMN or your system of record. The Selling Agent representing the Investor will receive a warning message reminding them that offers from Investors not using public funds are not considered during First Look Period. If other offers are made on this property, creating a need for a Multiple Offers Round, reject the Investor offer before triggering the Multiple Offers Round. 29. I have a listing in a county that is eligible for Online Offers which has an accepted offer in HomePath, but another online offer came in. What should I do? The Make an Offer button is removed via the overnight data feed to HomePath.com from the Fannie Mae systems of record. As a result, it is possible that the Listing Agent will receive an online offer on a property after the Listing Agent has accepted an offer on that listing in HomePath (later the same day). It may take up to a full 24 hours after an offer is accepted until the property is marked as under contract in HomePath.com and the Make an Offer button is turned off. Please consult with your Sales Rep or AMP and verify whether to reject the offer that came in after the accepted offer. 30. Fannie Mae has countered an online offer. Which action should I take in HomePath? The first step is to log in to HomePath.com, select the offer that was countered and click Counter. The Selling Agent will automatically receive an notifying them that the seller has countered the offer and that they should contact you immediately for details. You will see that the only action available on that property now is End Negotiation. While this property is under negotiation, other offers may continue to be placed on this property, but the only action available on these offers is Reject. Iterations of the negotiation do not need to be entered into HomePath.com. However, if a deal is struck with the Selling Agent, the Selling Agent needs to revise their offer accordingly so that you can accept the revised offer. You need to click End Negotiation on the counter before you can accept the revised offer. If no deal is struck, no response to the counter in HomePath Online Offers is required on the part of the Selling Agent. You must End Negotiation to open the property back up to other offers. You should not reject other offers on a property Under Negotiation unless it is an investor offer (not using public funds) during First Look. If you do not click End Negotiation, no other offers can be accepted or countered on the listing. Moreover, you cannot trigger a Multiple Offers Round on a property that is still Under Negotiation. 31. If I need to mark an offer in HomePath as countered, do I enter the deal terms for the counter offer in HomePath? Page 38

40 No. Under the pilot, the Listing Agent will only use HomePath to enter the existence of the counter (which puts the listing into Active Offers Under Negotiation ) but HomePath does not capture the deal terms of the counter offer itself. 32. What happens when the negotiating deadline is reached on a counter? Does the system prompt me to end negotiations? Under the pilot program, the counter negotiating deadline in HomePath is used strictly to create a sense of urgency with the Selling Agent. HomePath does not prompt the Listing Agent to end negotiations. In the future, the negotiating deadline may be used for automate more functionality relating to counter offers. 33. An accepted offer fell through, and I clicked 'Fall Through' but the 'Make an Offer' button is still not visible on the listing. First, please verify that you have recorded the fact that the offer fell through in both HomePath.com and the system of record. The system of record will drive an update to the property status via the overnight TRAX feed, so you should see the Make an Offer button reappear at the start of business on the next business day. 34. Does the Listing Agent have the authority to accept or reject an offer within the online offers system without consulting their Fannie Mae sales representative or Asset Management Provider? No. The Listing Agent must submit all offers that meet the submission guidelines (including a signed sales contract and Fannie Mae Addendum) into the Fannie Mae system of record. The Sales Rep or Asset Manager will make a decision on each offer and then the Listing Agent will use HomePath.com to communicate that decision back to the Selling Agent. Page 39