Fannie Mae: LAR 83 Changes Coming Soon; New Fraud Alert in California; and More
May 30, 2018
Source: Fannie Mae
Coming soon: Changes to LAR 83 processing
We are Simplifying Servicing by introducing a change to Loan Activity Reporting (LAR) 83 payment recast processing. This change, which will go into effect July 21, will allow servicers to request a change to the borrower’s monthly mortgage payment resulting from a curtailment in the current reporting period on Scheduled/Scheduled loans, with an effective date of the subsequent month. This means servicers will now be able to report LAR 96 and LAR 83 transactions with the changed P&I constant in the same month.
No action is required by servicers and we’ll provide a detailed example 30 days before the change goes into effect. If you have questions about this upcoming change, please contact Master Servicing at 1-800-2-FANNIE.
New fraud alert: Misrepresentation of Borrower Employment
We have issued a new fraud alert identifying 34 apparently fictitious employers being used on loan applications in Southern California. View the fraud alert and other resources on our Mortgage Fraud Prevention page.
We’re working to innovate America’s housing
Data and innovation drive progress. We believe that forward motion — coupled with our efforts to work hand-in-hand with lenders, servicers, investors, and other housing partners — is helping create safe, affordable housing for more Americans. Read more about how we’re addressing the challenges and leveraging the opportunities that come with adoption of new technologies, creating new opportunities in housing, serving the communities that serve America, and more in the 2017 America’s Housing Partner report.
Join us at these upcoming events:
- June 5-6 | Indiana MBA State Convention | Indianapolis
- June 6-8 | LendingQB User Conference | Newport Beach, CA
- June 19-22 | NAFCU Annual Conference and Solutions Expo | Seattle
View more events.
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