FANNIE MAE. Investor Reporting Changes Beginning February 2017

Transcription

1 FANNIE MAE Investor Reporting Changes Beginning February 2017

2 PROCESSING CHANGES YOU CAN EXPECT: Investor reporting can be completed daily for activity optional. Payoffs must be reported on 1 st business day after processing. Investor reporting requirements add file transmission on 22 nd business day; 1 st business day of month still required. PMI discharge now reported via action code/date in Participation record. Daily reports available from Fannie Mae on SURF/LAR file exceptions.

3 FEBRUARY 2017 TRANSITION MONTH January reporting will be completed via current process on 1st business day of month (Wednesday February, 1 st 2017) Normal reporting schedule in effect for SURF/LAR file transmission. Shortened window for corrections of edits ends on end of day the 9 th business day of the month. February daily activity reports can begin being sent to Fannie Mae as soon as February 2, 2017 (PMI release not reportable until 2/10). Fannie to process daily activity files beginning on 2/13 and feedback on files obtainable on 2/14.

4 FEBRUARY 2017 TRANSITION MONTH First required full file is due on Wednesday, February 22 nd. Due to February being the transition month, if you do not have a payoff in February prior to the 22 nd postpone sending activity files until required. First post-transition month required activity file is due Wednesday, March 1 st (activity 2/23 2/28 if applicable). Participation will continue to require an end of month file be posted regardless of activity. This process sets the dates for future payment activity to be posted. Fannie does not require a file to transmitted if no activity exists.

5 FILE SUBMISSION DIFFERENCES Activity Files -can be run and submitted on a daily basis. Required on days when a payoff/discharged loan is processed in Participation (1 st BD after payoff). Recommended on other days depending on activity levels. Subsequent activity files will not include loans already reported unless they have had additional activity posted to them. Includes corrections processed after file report received. Example: Loan processed $ principal only on 3/05 in Participation and was included in an activity file. Due date was advanced. Edit from FNMA indicated interest due; interest then processed in Participation on 3/06 and activity file ran. Activity file shows principal $ and interest $ for 3/06. Last day of month edits cannot be fixed in file same as current.

6 FILE SUBMISSION DIFFERENCES CONTINUED The full file (on 22 nd ) will include: All unreported loans with activity since the last reporting date and Loans that have not had any activity during the cycle. KNOW YOUR CALENDAR! If 22 nd is a non-business day you need to take create the reporting file early; system will force file after 22 nd. Full file reporting open between CD 19 th and 23 rd. Required files include the full file on 22 nd or before and an Activity File on 1 st business day (if activity between full file and end of cycle.)

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8 PMI RELEASE CODE REPORTING CHANGES All MI release codes now required to be reported via the action code and action date fields in the Participation record: Add date and code in current activity cycle in MNPART #1 If added after the fact for a previous reporting period, the MI release codes will not be captured in the current file and manual reporting will need to be completed. Fannie has created a new line item at the bottom of the investor file to report MI discharge. Codes are: 51 borrow initiated cancellation based on original value 52 borrow initiated cancellation based on current appraisal 53 automatic termination regardless of value basis 54 MI insurer initiated cancellation

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10 LAR / SURF FILE WITH PMI RELEASE RECORD:

11 FANNIE MAE FILE FEEDBACK Fannie Mae will now have reports available throughout the day giving feedback on the file transmissions! Edits can now be fixed and reported in a Participation work file during the month. End of month edits will continue to be reconciled in the custodial account. Payoff edits will continue to be reconciled: Through the custodial account for CU*Base and On FNMA for edit correction.

12 OTHER FANNIE CHANGES: Please review other documents on Fannie Mae website to know what changes apply to your credit union such as: Rate changes MBS Swap activity Deficiency reporting Post-Delivery servicing transfers Other

13 ASSOCIATED REFERENCE MATERIALS: Fannie Mae Training Video Understanding Process Requirements Investor Changes to Reporting Customer Transition Guide Reporting calendar CU*Answers Participation Lending Fannie Online Help Kitchen

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