Servicing Guide

Published September 9, 2020

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Fannie Mae Investor Reporting Manual: Chapter 1, General Requirements

Chapter 1, General Requirements 

The Fannie Mae investor reporting system is an integrated investor reporting system used to capture loan-level detail for all regularly amortizing mortgage loans serviced for Fannie Mae. Although all of these mortgage loans are accounted for under a single reporting system, Fannie Mae's investor reporting system separates mortgage loans by remittance type to ensure the servicer can easily recognize and account for procedural or policy differences.

1-01, Using Machine-Processable Input (01/18/2017)

1-02, Performing Monthly Reconciliations (01/18/2017)

1-03, Requesting Audit Confirmations (11/12/2014)

 

1-01, Using Machine-Processable Input (01/18/2017)

The servicer must use an automated format to report all loan-level transactions. This includes reporting corrections to erroneous transactions previously reported to the Fannie Mae investor reporting system. The electronic transmission of Fannie Mae's investor reporting system reports can be accomplished by:

  • CPU-to-CPU electronic file transfer, or
  • Fannie Mae's SURF™, a web application that is available for reporting the different types of transactions.

Access to SURF is available on Fannie Mae’s website.

Fannie Mae also accepts a common format for the electronic data interchange (EDI) of investor reporting information. The action that a servicer must take to ensure it satisfies Fannie Mae's requirements for using the EDI format will vary depending on how it submits its Fannie Mae investor reporting system reports to Fannie Mae, as shown in the following table.

If the servicer…

Then the servicer must…

submits its monthly loan-level Fannie Mae investor reporting system reports through SURF or through electronic file transfer

have its own EDI translation software or translation services to convert its flat files to the ANSI X12 format.

uses a service bureau to transmit its monthly Fannie Mae investor reporting system reports

confirm that its service bureau will have the appropriate translation software in place before the servicer begins reporting under the ANSI X12 format.

Fannie Mae addresses its investor reporting system requirements in terms of the transaction types and data element identification that is part of the Fannie Mae investor reporting system record. To assist in converting this information into EDI references, see Exhibit 6: Mapping Fannie Mae Investor Reporting System Records to EDI Investor Reporting Trans Set 203.

1-02, Performing Monthly Reconciliations (07/15/2020)

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.  

Loan Type

The servicer must…

Portfolio mortgage loans with an actual/actual remittance type

  • Compare loan-level balances, LPI dates, interest rates, and pass-through rates carried in the servicer's records to those that Fannie Mae has in its investor reporting system database; and
  • Reconcile the components of any shortage or surplus that exist because of remittance differences between Fannie Mae records and the servicer's loan-level reports.
  • MBS mortgage loans that are scheduled/scheduled remittance type, and,
  • portfolio mortgage loans with a scheduled/scheduled or scheduled/actual remittance type

Compare loan-level balances, LPI dates, interest rates, and pass-through rates in the servicer's records to those in Fannie Mae's records.

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).

Handling Unreconciled Shortages and Surpluses

A shortage or surplus in the Fannie Mae investor reporting system represents the cumulative difference between:

  • the cash the servicer remitted to Fannie Mae, and
  • the interest and principal the servicer reflected in its monthly loan-level reports as being applied to the portfolio mortgage loans serviced for Fannie Mae.

Unreconciled shortages are payable to Fannie Mae. The following table provides the servicer with instructions for the reconciliation of a shortage.

ü

The servicer must…

 

Remit the amount of the unreconciled shortage to Fannie Mae immediately.

 

Contact its Fannie Mae Investor Reporting Representative (see Servicing Guide F-4-03: List of Contacts for instructions on handling subsequent adjustments and corrections, before transmitting its Fannie Mae investor reporting system transactions for the next reporting period.

Unreconciled surpluses are income items for Fannie Mae. The following table provides additional information to the servicer regarding surpluses.

If the servicer…

And the servicer…

Then Fannie Mae…

is unable to reconcile the surplus within 90 days after it first appears on its Fannie Mae investor reporting system report

cannot explain any extenuating circumstances related to the unreconciled surplus

may adjust the servicer's shortage/surplus account to zero out the surplus.

Note: Fannie Mae will give the servicer advance notification and advise it on how subsequent adjustments and corrections must be handled.

Fannie Mae produces reports to assist the servicer in reconciling information generated from the Fannie Mae investor reporting system with its internal records. To ensure the accuracy of Fannie Mae's records, the servicer must reconcile the records reflected in the reports Fannie Mae generates to its internal records. Occasionally, Fannie Mae may ask the servicer to submit these reconciliations to Fannie Mae.  For additional support or information on Fannie Mae-generated reports, servicers may contact their Investor Reporting Representative (see Servicing Guide F-4-03, List of Contacts).

1-03, Requesting Audit Confirmations (11/12/2014)

A servicer may instruct its external auditors to contact Fannie Mae directly about providing confirmation of the servicer's portfolio composition and outstanding balances as they are carried in Fannie Mae's records. Fannie Mae will respond to such requests as promptly as possible although there can be a delay of up to one month. The request for audit confirmation must be sent to: Investor_Reporting_Group_Mailbox@FannieMae.com.

All requests for audit confirmations must include the information shown in the following table.

ü

Requirements for Audit Confirmation Requests

 

The servicer's name and address.

 

An authorized signature of an officer of the financial institution.

 

The servicer's 9-digit Fannie Mae lender identification number.

 

The name and telephone number of the auditor's contact person (either with the servicer's institution or auditor).

 

The effective date for the confirmation.

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