Fannie Mae: Lender Letter LL-2019-07: Advance Notice of Principal and Interest Drafts for Scheduled/Scheduled and Scheduled/Actual Portfolio Mortgage Loans
August 14, 2019
Source: Fannie Mae
This Lender Letter provides advance notification to servicers of the following changes that will simplify and streamline the cash remittance and reconciliation process:
▪ Fannie Mae-Initiated Principal and Interest (P&I) Drafts for Scheduled/Scheduled and Scheduled/Actual Portfolio Mortgage Loans
▪ Additional Investor Reporting Operational Enhancements
Remitting and Accounting to Fannie Mae
Servicers are currently required to remit P&I payments for scheduled/scheduled and scheduled/actual portfolio mortgage loans to Fannie Mae via the Cash Remittance System (CRS) in accordance with F-1-21: Remitting and Accounting to Fannie Mae. Upon implementation of these changes, we will initiate drafting on scheduled/scheduled and scheduled/actual portfolio mortgage loans for monthly P&I due, based on Loan Activity Records (LARs) received and any adjustments processed.
For full release, please click the source link above.