MPF Announcement 2022-06
MPF Xtra Advance Notice of Change to Investor Reporting Layout and Processes
Effective date: Noted within the announcement
On February 2, 2022, Fannie Mae issued an update to Lender Letter LL-2021-12, which provides updates to the effective dates of the Investor Reporting changes previously communicated in MPF Announcement 2021-86:
- Investor Reporting Changes
- All Servicers will be required to report daily to the Master Servicer, Computershare, effective with March 2022 Mortgage Loan Activity. Although Fannie Mae has changed the effective date for Daily Reporting, the MPF Program will continue to require all Servicers report daily effective with March 2022 Mortgage Loan Activity.
- 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. Effective: The MPF Program is communicating with Fannie Mae regularly and will provide further details at a later date.
- Updates to the P&I remittance cash reconciliation for A/A mortgage loans.
- Effective: These changes are targeted to become effective after the implementation of Daily Reporting and LAR 96 format expansion. The MPF Program will communicate further details at a later date.
To help ease the transition, PFIs can begin submitting the LAR 96 as early as the March 2022 Mortgage Loan Activity reporting. However, until the MPF Program fully transitions, PFIs may continue reporting in the current MPF Xtra Layouts (Exhibit C and Exhibit D) for Daily Reporting.
Prior to using the LAR 96 file for reporting, Servicers must submit the MPF Xtra Reporting Change Notification (Form SG370-X) to the Master Servicer at least 15 days in advance of the first file submission.
Servicers can also begin testing the LAR 96 with the Master Servicer effective March 2, 2022 by completing one of the two testing options:
- Upload the test file to your respective ServicerConnect library with the naming convention of “test_file_LAR96”. Once uploaded, then send a notification email to servicerconnect@wellsfargo.com with the subject line “Expanded LAR96 Format Validation Request”.
- Should a service provider not have access to a ServicerConnect library, they can attached the test file to a notification email sent to servicerconnect@wellsfargo.com with the subject line “Expanded LAR96 Format Validation Request”.
The Master Servicer will provide feedback within three (3) Business Days of receipt of the test file. The testing will focus on the file format and not the data content. The Master Servicer will not be reviewing the accuracy of the loan level data provided, but only reviewing and validating that the file is presented in the correct format including field layout. If Servicers have any questions during testing, please email servicerconnect@wellsfargo.com.
Has your institution considered the following when preparing for the upcoming changes:
- Have you contacted any applicable vendors, including your institutions CORE Provider to ensure they are aware of the new reporting requirements and have the necessary preparations in place to implement the changes?
- Have you updated your processes and procedures to align with the new reporting requirements?
- Have you familiarized yourself with the available MPF Xtra Investor Reporting resources:
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 Lender Letter and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.
We appreciate your continued support of the MPF Program. Please contact the MPF Service Center with any questions.
- References:
- MPF Announcement 2022-06
