The servicer is required to submit removal transactions (i.e. payoffs, repurchases, foreclosures, short sales, deeds-in-lieu, and third party sales) by 8 p.m. eastern time on the first business day after the servicer processes the removal transaction on their system, when that business day is not the second business day of the month following the reporting period. If that business day is the second business day of the month, following the reporting period, the removal transaction must be submitted to Fannie Mae by 5 p.m. eastern time.
Removal transaction corrections must be submitted in time to reach Fannie Mae by 5 p.m. eastern time on the second business day of the month following the reporting period in which the activity occurred.
Note: Bulk submission of transactions cannot be performed via CPU-to-CPU electronic file transfer or through SURF™ upload function after 3 p.m. eastern time on the second business day of the month.