Servicing Guide

Published September 9, 2020

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What actions must be taken after a Regular or Special Servicing Option MBS Mortgage Loan has been Reclassified?

When a regular or special servicing option MBS mortgage loan has been reclassified, the servicer must take the actions outlined in the following table.

After a regular or special servicing option MBS mortgage loan has been reclassified, the servicer must...
  Update its internal records to
  • reflect the remittance type as actual/actual as of the first day of the month in which the reclassification event takes place;

  • adjust the PTR to include any guaranty fee;

  • adjust Fannie Mae’s required margin to equal the mortgage loan margin less the servicing fee, if applicable; and

  • adjust the PTR floor and ceiling to equal the lifetime interest rate floor and ceiling less the servicing fee, if applicable.

 

Report the mortgage loan as an actual/actual remittance type, including any activity that occurred for a reclassified mortgage loan, in compliance with the reporting time frames outlined in the Investor Reporting Manual.

 

Use the same Fannie Mae loan number that applied to the mortgage loan when it was in the MBS pool.

For more information please see Servicing Guide F-1-26: Reclassifying or Voluntary Repurchasing an MBS Mortgage Loan.

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