Servicing Guide

Published November 10, 2020

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What are the reporting requirements for remitting funds via the Cash Remittance System?

The CRS relies on remittance codes, which are unique to specific transactions, to identify monies related to the individual remittances the servicer reports. (See the CRS User Guide for a list of these codes.) Each remittance type code must be linked to a single drafting account. This account can be either the P&I custodial account for the applicable remittance type or a consolidated drafting account the servicer uses for MBS P&I or for all other remittance types. 

In CRS, the servicer must provide drafting instructions to Fannie Mae by 3 p.m. ET and remit the draft amount at any time up until Fannie Mae’s cut-off time at 4 p.m. ET. The servicer is authorized to change the information for individual drafts at any time prior to its transmission of the information to Fannie Mae. After drafting instructions and remittance amount are provided to Fannie Mae, Fannie Mae will then draft the servicer’s designated drafting account using the ACH system. 

The following table summarizes the reporting requirements the servicer must use when remitting funds in CRS for mortgage loans with an actual/actual remittance type, in accordance with C-3-01, Responsibilities Related to Remitting P&I Funds to Fannie Mae. 

If the servicer must report via

Then the servicer must report remittances

Summary reporting

When collections are enough to require the funds be remitted to Fannie Mae. Fannie Mae will draft the related funds from the servicer’s designated drafting account on the following business day.

 Detailed reporting

Daily, as received. This initiates a draft of the remittance amount from the servicer’s custodial account on the next business day after loan activity is reported.

 

Note: For additional information on compensatory fees that may be assessed for late remittances, also see A1-4.2-01, Compensatory Fees Other Than Delays in the Liquidation Process.

For more information please see Servicing Guide F-1-21, Remitting and Accounting to Fannie Mae.

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