Servicing Guide

Published September 9, 2020

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For investor reporting, what are Fannie Mae's requirements for reporting on a single family mortgage loan after reclassification?

If Fannie Mae reclassifies a delinquent scheduled/scheduled remittance type special servicing option MBS mortgage loan as an actual/actual remittance type mortgage loan that Fannie Mae will hold in its portfolio, Fannie Mae will reimburse the servicer its delinquency advances for scheduled P&I once Fannie Mae completes the reclassification.

With the exclusion of PFP mortgage loans with a scheduled/scheduled remittance type, MBS mortgage loans (regular and special servicing option mortgage loans) removed from MBS pools in this manner will become actual/actual remittance type mortgage loans that Fannie Mae will hold in its portfolio, identifying them by

  • the Fannie Mae loan number,
  • the servicer’s loan number,
  • and the property address.  

 The servicer must adjust the remittance type in their systems to actual/actual and report a LAR reflecting the loan as actual/actual before the interim reporting end date. If a valid A/A LAR has not been processed by the interim reporting end date, the Loan Activity Rejects report will show an exception of “Missing LAR – Loan Reclass” in the first report produced for the day. PFP mortgage loans with an original scheduled/scheduled remittance type will remain a scheduled/scheduled remittance type even after being removed from the pool. The servicer does not need to report a LAR after the reclassification unless the servicer has not reported a LAR for the reporting period. 

For more information Investor Reporting Manual Chapter 4, Special Loan Handling 

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