MPF Xtra Advance Notice of Change to Investor Reporting Layout and Processes
Effective Date: March 2, 2022 mortgage loan activity reporting (unless otherwise noted)
Fannie Mae recently published Lender Letter LL-2021-12, which provides advance notice of the following changes to investor reporting processes and systems.
Investor Reporting Changes
- Reporting method due date for Summary Reporting Mortgage Loans
- All Servicers will be required to report daily to the Master Servicer. This change will allow Servicers to resolve reporting activity in real time and make reconciling cash more efficient.
- Loan Level Data File Format Updates
- All Servicers will be required to use the Fannie Mae Loan Activity Report (LAR 96) format with the newly announced nine (9) additional fields. Therefore, the MPF Program has decided that the LAR 96 will replace the current electronic format Exhibit C: Electronic Transmission - ASCII Text File Layout and Exhibit D: Electronic Transmission - Excel Data File Format that is submitted to the Master Servicer.
Effective: These changes are effective with the March 2022 mortgage loan activity reporting.
- Updates to the P&I remittance cash reconciliation for A/A mortgage loans.
- This enhancement will impact the custodial account reconciliation process. The MPF Program will communicate additional operational details for this update at a future date.
Effective: These changes are targeted for an effective date in the fourth quarter of 2022.
The MPF Program will communicate additional details regarding the implementation of these investor reporting updates as soon as they become available. The MPF Xtra Serving Guides and any applicable forms/exhibits will be updated closer to the effective date.
As a reminder, where the Fannie Mae Servicing Guide directs communication to Fannie Mae or to utilize systems that are only available to Fannie Mae Seller/Servicers, Servicers must contact the MPF Provider. Servicers should not communicate with Fannie Mae directly.
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.
As always, we appreciate your continued support of the MPF Program. Our goal is to make this transition as smooth as possible for our PFIs, and you can expect additional communications in the future. In the meantime, please contact the Service Center with any questions.
- MPF Marketing Bulletin 2021-24