Fannie Mae Deed-in-Lieu Plus™ Pilot Program
Q. What is the Deed-in-Lieu Plus Pilot Program?
A. The DIL+ Pilot is designed to help homeowners avoid foreclosure.
• It targets borrowers with loans where Fannie Mae holds the risk.
• The homeowners are more than six months behind on their mortgage payments.
• They have not qualified for, or responded to, a HAMP loan modification.
Fannie Mae’s DIL+ program gives homeowners a way to “gracefully’ exit their homes.
Partnering with HEART Financial Services and RE/MAX, Fannie Mae’s DIL+ program
removes for borrowers the hassle of selling the home, provides a set time frame for exit,
offers qualified borrowers $3,500 in relocation money and the assistance of a RE/MAX
agent to help them through the program.
Q. What is HEART Financial Services?
A. HEART Financial will act as the asset manager and pilot coordinator. Its role is to
contact homeowners, disseminate leads to agents, collect data and supporting
information for the Deed-in-Lieu process, set the listing price, field offers and accept or
negotiate offers on behalf of Fannie Mae.
HEART Financial is your partner in this. If you have questions or concerns, call (877)
Q. How will I gain access to the Internet portal for the pilot?
A. To take part in this program, you will have to sign up on the agent portal.
HEART Financial will supply you with a user name and password via e-mail.
Q. What is the incentive for borrowers who participate in the Deed-in-Lieu+ Pilot?
• A cash incentive of $3,500, which they will get if they leave the house in “broom
swept clean condition”
• Primary mortgage debt relief
• In this pilot program, junior liens up to $8,500 will be taken care of by the
servicer. Over $8,500, junior liens will be reviewed on a case-by-case basis.
• After they sign the Deed-in-Lieu, they can stay in the house rent-free for 30 days.
Q. How was I chosen to participate in the Deed-in-Lieu Plus Pilot?
A. You qualified to participate in this pilot because you met some or all of the following
• You are a Fannie Mae-approved agent
• You have a current, executed Master Listing Agreement
• You have proof of errors and omissions and liability insurance
• You should have CMS software to input BPOs
• You have the financial ability to manage properties as REO listings
Q. What are my responsibilities in the pilot?
A. Your job will be to physically contact homeowners and ensure that they understand
how the program works. You will also need to provide a BPO to HEART. You will assist
with document notarization and filings, perform periodic inspections of the property while
it is still occupied, conduct a final inspection and convey the incentive payment from
HEART. Once you have completed this part of the pilot, you will list the property as an
REO for Fannie Mae.
Q. What are the advantages of this pilot over other REO programs?
A. The pilot has an established attorney and title network, so decisions will proceed fairly
quickly. There are NO referral fees associated with these leads. The files are scrubbed
for participation – though nothing is 100 percent certain. The pilot represents a new way
to fill the listing pipeline with more leads due to its defined process.
Q. How will I receive leads?
A. The lead will come to you via e-mail in the form of a “unique token” or code. Tokens
are unique to you and the property. If you do not respond by logging into the portal and
accepting or rejecting the lead within 48 hours, the token will expire and the lead will be
sent to another RE/MAX agent.
Q. What should I do when I receive a lead?
A. You will have 48 hours to log in at the portal and respond. After you log in and accept
the lead, perform a local check for listing status. If the property shows as listed, it cannot
be part of the pilot and you will need to log in and update the portal so the property can
be removed from the pilot. You must accept or reject a property PRIOR to conducting a
listing status check. This ensures that a listed property is removed from the pilot rather
than being passed on as a viable lead to another RE/MAX agent.
Q. What will be the terms of the REO listing agreement?
A. The listing agreement will be for 90 days. You will not be paid to do the BPOs. The
commission will not exceed 5.5%, with 2.5% for you as the listing agent and 3% for the
buyer agent. You should note that there are NO referral fees due at closing.
Q. What are my responsibilities as the REO listing agent?
A. Property management will be your responsibility. As with all Fannie Mae REOs, you
will need to re-key the property and provide a lock box, transfer utilities into your name,
perform a new BPO (ordered by HEART) and assess any necessary repairs.
All repairs will be executed under Fannie Mae Broker Guidelines and reviewed by
HEART Financial. When possible, repairs will be performed by Fannie Mae’s national
service provider. For expenses, you will file forms 571 and 1093 on an ongoing basis
until the property is sold.
You must try to negotiate the highest possible offer for the property. No offers will be
entertained in the first three days of the listing. Multiple offers will be reviewed on a caseby-
case basis. No investor offers will be entertained for the first 15 days.
Q. Will borrower participation in this program stop foreclosure proceedings?
A. No. However, the goal of the DIL+ program is to secure title to the property before
foreclosure. With this in mind, the pilot has established a title and legal network that is
designed to streamline the decision-making process.
Make sure to ask the borrowers if they have received any notices and where they
believe they are in the foreclosure process. If the DIL is accepted during the DIL+
program, foreclosure proceedings will end and the borrower will exit the property free of
the debt obligations of the primary loan and receive the relocation incentive.
Q. What determines if borrowers can participate in this program?
A. HEART and Fannie Mae will determine the borrowers’ ability to participate in the DIL+
Q. If this is not a foreclosure, what happens to the borrower’s credit?
A. The degree of impact on credit depends upon many factors and how the lender
reports it. Borrowers will need to contact their lender directly to understand how it is
being reported. However, it is important to remember that participation in this program
will keep foreclosure – and its potential negative impact – off their credit report. This
means they can be on the road to financial recovery sooner.
Q. What is “Broom Swept Clean Condition”?
A. “Broom Swept Clean Condition” means the borrowers must have removed all their
personal possessions from the property and literally swept the floors. If this requirement
is met and the property is in the same condition as inspected, the RE/MAX agent will
take the keys and hand the borrowers their relocation check.