Servicing Guide

Published September 9, 2020

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For investor reporting, what are Fannie Mae's requirements for reporting an error for a single family mortgage loan removal transaction?

The servicer must not change either the action code or action date through the regular investor reporting process if a payoff, repurchase or liquidation error is discovered after the final transactions for the reporting period have been transmitted to Fannie Mae.  

The servicer must report these errors to either its Fannie Mae Investor Reporting Representative or through Fannie Mae's SF CPM division (or both), depending on the nature of the change (see Servicing Guide F-4-03, List of Contacts).  

The removal of an MBS mortgage loan from an MBS pool cannot be reversed. However, the servicer may send a written explanation to its Fannie Mae Servicing Representative (see Servicing Guide F-4-03, List of Contacts) that provides the reason for the removal. At Fannie Mae’s sole discretion, the mortgage loan may be held as a portfolio mortgage loan.

To inform Fannie Mae of a change an action date for an Action Code 60, 65, or 67, the servicer must submit written notice and justification for the change to its Fannie Mae Investor Reporting Representative (see Servicing Guide F-4-03, List of Contacts). The following table provides additional information on requirements for changing the action code. 

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

 

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