On Dec. 20, Fannie updated guide on financial reporting requirements.
Fannie issued Servicing Guide SVC-2023-06 on financial reporting requirements.
Selling Guide Updates
Update requires large non-depository sellers/servicers to submit a Mortgage banker’s financial reporting short form (Form 1002A) within 30 days of the end of each month.
Guide and Investor Reporting Manual updated to reflect Servicer's Reconciliation Facility (SURF) and to remove detail re determining net yield for ARM loan conversion.
Informed that servicers must contact investor reporting representative for inquiries.
Requires servicers to notify borrower that title must be transferred back to a natural person prior to any subsequent refinance application for loans transferred for LLCs.
Update to adverse action notice (Form 182) to include the FTC's new address.
Effectiveness
Financial reporting requirements effective May 31, 2024 for Apr. 2024 reporting.
Retirements of SURF update, immediate effect; required net yield, Mar. 31, 2024.
Update on title transfers effective immediately, adverse action notice, Mar. 20, 2024.
