Each month, the servicer must reconcile the Fannie Mae investor reporting system records it receives from Fannie Mae to its internal records. Further instructions for the monthly reconciliation process are provided in the following table.
Submitting Formal Reconciliations
Reconciliations must be prepared using the following forms (or an acceptable equivalent format):
- Schedule 1 - Reconciliation of Mortgage Portfolio (Form 473),
- Schedule 2 - Reconciliation of Interest Rate/Pass-Through Rate (Form 473A), and
- Schedule 3 - Reconciliation of Shortage/Surplus (Form 472)
- Reconciliation of Mortgage Portfolio—S/S MBS and MRS (Form 512)
Servicers are required to reconcile their portfolios using the schedules 1, 2 and 3. Forms 473, 473A and 472. They are not required to turn them in unless requested when their portfolio is being reviewed.
Reconciling S/S MRS portfolios is the same as A/A portfolios with the exception of using the Form 512 when doing the Schedule 1 - Reconciliation of Mortgage Portfolio. The instructions are still the same.
For more information see Investor Reporting Manual Chapter 1, General Requirements.