Fannie Mae LL-2014-16 Advance Notice of Future Changes to Investor Reporting Requirements
On November 13, Fannie Mae released Lender Letter LL-2014-16, subtitled Advance Notice of Future Changes to Investor Reporting Requirements.
Lender Letter LL-2014-06
To: All Fannie Mae Single-Family Servicers
Advance Notice of Future Changes to Investor Reporting Requirements
This Lender Letter provides advance notification to servicers of upcoming changes to the following Fannie Mae investor reporting requirements:
- Elimination of Mortgage Backed Security (MBS) Pool Balance Reporting
- Changes to Due Dates for Fannie Mae Monthly Investor Reporting
The target effective date for the policies in this Lender Letter is during the third quarter of 2016; servicers will be notified once a specific effective date is established. Fannie Mae will conduct servicer outreach to provide additional information on implementation requirements prior to the effective date.
Elimination of MBS Pool Balance Reporting
Servicing Guide A1-4.2-01, Compensatory Fees Other Than Delays in the Liquidation Process
When these changes are implemented, the servicer will no longer be required to
- report aggregate security balances for each MBS pool serviced,
- reconcile the actual mortgage loan balance for all scheduled/scheduled remittance type mortgage loans that are in any given MBS pool to the aggregate security balance for that pool (or the servicer’s portion of that pool), or
- pay compensatory fees for late or inaccurate reporting of MBS security balances and multiple wire transfers of MBS pool remittances.
Please click here to view the letter in its entirety.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally.