Cash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014

Transcription

1 Cash Remittance System (CRS) April 2014 Release Job Aid Issued: April 14, 2014 Table of Contents About This Job Aid and the CRS April 2014 Release... 2 CRS April 2014 Release Enhancements... 2 New CRS URL... 2 New Tabbed Navigation... 2 Changes to the Drafting Instructions Screen... 3 Updated Remittance Code descriptions... 4 Implementing Automatic System Lock-out on Consecutive Failed Logins... 5 Correction of a Back / Refresh Error... 5 For More Information... 5 Appendix A: Remittance Codes Fannie Mae. Trademarks of Fannie Mae.

2 About This Job Aid and the CRS April 2014 Release This document informs customers about changes to Cash Remittance System (CRS) as a result of the April 2014 release and how to use the CRS application with its new user interface. While customer business processes will not change as a result of these enhancements, customers may need to acquaint themselves with a new navigational structure and update their Internet browser bookmark to reflect the new CRS application URL. CRS April 2014 Release Enhancements With the CRS April 2014 release, there are several enhancements to the user interface, including: New URL New tab-based navigation Changes to the Drafting Instructions page Updated Remittance Code descriptions Automatic system lock-out on consecutive failed logins Correction of a Back / Refresh error New CRS URL The CRS application has a new URL, Customers who had bookmarked the CRS application in their Internet browsers should make sure to update that bookmark with the new URL. New Tabbed Navigation With the CRS April 2014 release, while there are no new screens and business processes remain the same, the site features a new tabbed navigational scheme utilizing tabs across the top of each screen (see Figure 1: Main Menu below). The active tab will be white and inactive tabs will be gray. Clicking on any tab displays the accompanying screen and turns that tab white, while deactivating the previous tabbed screen, making that tab gray. Figure 1: CRS Main Menu 2014 Fannie Mae. Trademarks of Fannie Mae

3 Changes to the Drafting Instructions Screen With the April 2014 release, there are a few changes to the Drafting Instructions screen (see Figure 2: Drafting Instructions Screen on page 4). Change to Data Field Titles As of April 21, 2014, to provide better clarity, there are two changes to data field titles on the Drafting Instructions screen, as follows: Current Data Field Title Effective Drafting Instructions Updated Data Field Title (as of 4/21/14) Current Drafting Instructions Effective Date: + Effective Date (*): + Change to Default Effective Date of Drafting Instructions Previously, the default value for the drafting instructions Effective Date was five business days from the current date. Servicers changed the value to their desired effective date, often the current date. With the April 2014 release, the default value for the draft instructions Effective Date has been updated to reflect the current date up until 3:00 p.m. ET. At 3:00 p.m. ET, the default will then be the next business day. On weekend days, holidays and non-business days, the default will also reflect the next business day. Servicers can still choose a future drafting date. Change to Informational and Error Messages With this release, an informational message will display in blue text at the bottom of the Drafting Instructions screen reading as follows (as seen in the Figure 2: Drafting Instructions Screen below): (*) - Requested Changes will be applied to all remittances with a settlement date that falls after the Effective Date but will not reflect as Current Instructions until after close of business. Additionally, the following error message will display in red text when Drafting Instructions are submitted with the current date as the Effective Date at or after 3:00 p.m. ET: Required fields missing or invalid - please enter and resubmit. Current Date cannot be used after 3 PM ET. All informational messages will display in blue text; all error messages will display in red text Fannie Mae. Trademarks of Fannie Mae

4 Figure 2: Drafting Instructions Screen Updated Remittance Code descriptions When adding a draft request, a remittance code is selected from a drop down menu on the Add Draft Request screen (see Figure 3: Add Draft Request Screen below). Figure 3: Add Draft Request Screen 2014 Fannie Mae. Trademarks of Fannie Mae

5 With this release, certain remittance code descriptions will be updated in the CRS application as follows: Current Remittance Code Description HUD-1 Sales Proceeds Updated Remittance Code Description (as of 4/2114) HUD-1 REO Sales and Short Sales Proceeds 311-3rd Party Sales Proceeds 311-3rd Party REO Sales Proceeds Repurchase Proceeds REO Lender Repurchase Proceeds Note: Until additional changes can be made in a future release: If directed to submit a REO Gram Penalties remittance, servicers should submit Sale of Servicing Proceeds. If directed to submit a 320-3rd Party Sale Servicer Billing remittance, servicers should submit Fire-Loss Proceeds. If directed to submit a Indemnification Funds remittance, servicers should submit Participation Receipts. Implementing Automatic System Lock-out on Consecutive Failed Logins For safety and security purposes, the application will now automatically implement a lock-out on an account for which there are multiple consecutive failed login attempts. Once an account has been locked, the customer will have to contact their company s Technology Manager administrator to have their password reset. Correction of a Back / Refresh Error Previously, servicers received an error message when they clicked on the Back or Refresh buttons from the Draft Request screen, and the CRS application sometimes generated duplicate drafts. With this release, the servicer will be directed to the previous screen upon clicking Back or will remain on the current screen when clicking the Refresh button; the servicer will not be presented with an error message by clicking on those buttons. For More Information For more information, refer to the Cash Remittance System (CRS) User Guide available on the CRS homepage on FannieMae.com and within the CRS application under the Documentation tab. If you have any questions, please contact your Fannie Mae representative Fannie Mae. Trademarks of Fannie Mae

6 Appendix A: Remittance Codes Following is a listing of Remittance Codes and their associated descriptions as of April 21, Important Notes: Italicized items are remittance codes that require the entry of a Fannie Mae loan number. Until additional changes can be made in a future release: If directed to submit a REO Gram Penalties remittance, please use Sale of Servicing Proceeds. If directed to submit a rd Party Sale Servicer Billing remittance, please use Fire-Loss Proceeds. If directed to submit a Indemnification Funds remittance, please use Participation Receipts. Remittance Code Description 000 Default 001 Actual/Actual 002 Scheduled/Actual 003 S/S MRS 004 S/S Rapid Payment Method 005 S/S MBS Express 007 Capmark T&I and MIP 020 M/F OPA (Before 8/1/88) 021 M/F (On or after 8/1/88) 022 M/F DUS 023 M/F P/A MBS 024 M/F CMF/MRS 025 M/F FHA 027 Credit Enhancements Fees 028 Direct Bond Payments 029 Multifamily Mezzanine Loans 030 RTF P&I 309 REO Lender Make Whole Proceeds 310 HUD-1 REO Sales and Short Sales Proceeds 2014 Fannie Mae. Trademarks of Fannie Mae

7 Remittance Code Description rd Party REO Sales Proceeds 312 Recourse Proceeds 313 Sale of Servicing Proceeds *now only used for REO Gram Penalties 314 Redemption Proceeds 315 REO Lender Repurchase Proceeds 316 Loss Reimbursement Proceeds 317 Escrow Balance Proceeds 318 HIP Refund Proceeds 319 Rental Proceeds 320 Fire-Loss Proceeds *now only used for 3 rd Party Sale Servicer Billing 322 Repayment of Advance 323 Additional Interest Due 324 Mortgagor Contribution 332 Hazard Insurance Recovery 333 Participation Receipts *now only used for Indemnification Funds 334 Supplemental Billing Receipt 335 Mortgagor Deficiency Proceeds 370 Other Receipt Liquidation 501 Daily SF MBS P&I 502 Daily HCD MBS P&I 2014 Fannie Mae. Trademarks of Fannie Mae