MPF Announcement 2024-24
MPF Xtra Advance Notice of Change to Investor Reporting Layout and Processes
Effective Date: Noted within the announcement
Fannie Mae published LL-2023-05, which provides updates to the effective dates of the Investor Reporting changes previously communicated:
- Investor Reporting Changes
- All Servicers are required to report daily to the Master Servicer, Computershare. Although Fannie Mae has changed the effective date for Daily Reporting, the MPF Program continues to require all Servicers report daily.
- 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 Date: The mandatory effective date for the LAR 96 format expansion will remain on hold throughout 2024. However, PFIs have the option to begin delivering the LAR 96 immediately.
- Updates to the P&I remittance cash reconciliation for A/A mortgage loans.
- Effective Date: P&I remittance for summary reporting A/A mortgage loans will remain on hold throughout 2024.
*To help ease the transition, PFIs can begin submitting the LAR 96 immediately. 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 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@computershare.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@computershare.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@computershare.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:
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 2024-24
