Servicing Guide

Published September 9, 2020

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How does Fannie Mae investor reporting calculate monthly interest payments?

Interest payments due to Fannie Mae each month for monthly payment mortgage loans vary depending on the remittance type of the mortgage loan. For an actual/actual remittance type mortgage loan, the servicer must send Fannie Mae interest only if it is actually collected from the borrower. For a scheduled/actual or a scheduled/scheduled remittance type mortgage loan, the servicer must send Fannie Mae interest whether or not it is collected from the borrower. The calculations used for determining the amount of interest due are similar, except that the interest for a scheduled/scheduled remittance type mortgage loan will be based on a scheduled UPB since principal payments for that type of mortgage loan must be sent to Fannie Mae whether or not they are collected. The following table provides further instructions to determine the interest payment for a monthly payment mortgage loan depending upon the mortgage loan remittance type.

 

Note: The receipt of a curtailment in a given month will not affect the interest calculation for that month. The servicer must compute interest for the current month based on the previous month's ending UPB (if the mortgage loan has an actual/actual or a scheduled/actual remittance type) or on the prior month's scheduled UPB (if the mortgage loan has a scheduled/scheduled remittance type).

For more information see Investor Reporting Manual Chapter 2-04, Reporting Specific Payment Transactions to Fannie Mae (02/14/2018).

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