As a Cenlar client engaged in Servicing Transfer activities on Fannie Mae Loans that Fannie Mae’s Call-in Elimination (CIE) or Future Changes to Investor Reporting, you may be impacted on Servicing Transfers occurring in the first quarter of 2017. In Lender Letter LL-2016-01, in April of this year, Fannie Mae re-iterated that it would implement a temporary moratorium on post-delivery servicing transfers with effective dates from February 1, 2017 through March 31, 2017.
In addition, we will significantly limit post-delivery servicing transfers in January 2017 as well, due to pre-migration activities required and the fact that our service provider has instructed its clients not to add new Fannie Mae Lender numbers during January 2017. We strongly recommend against any Fannie Mae Servicing Transfers in January, either from or to external servicers or between one Cenlar client and another existing Cenlar client.
In order to approve and support a January Fannie Mae Servicing Transfer, we will require completion of a due diligence questionnaire and pre-approval from Cenlar’s Investor Reporting Department, and finalization of the transfer population by December 10, 2016. In order to ensure a clean transfer, no subsequent changes in the population will be allowed since the loans transferred must be reported through e-transfers by December 15, 2016.
DO’s – What can a servicer do in the first quarter of 2017?
Routine Fannie Mae Actual/Actual (A/A) and MBS deliveries done directly by the client, as long as loans are boarded to Cenlar prior to the end of the month of sale.
Routine Fannie Mae Co-issues A/A and MBS deliveries done on your behalf by a 3rd Party,
provided all loans included are boarded to Cenlar prior to the end of the month of sale.
DON’T’s – What cannot be done in the first quarter of 2017?
Bulk Conversion of Fannie Mae Pools or A/A Loans from another Fannie Mae
Servicer Number to your Cenlar-Subserviced Lender Number from February 1 to March 31, 2017 or during January 2017 without obtaining Cenlar Investor Reporting approval prior to December 10, 2016.
Transfer from one Cenlar Subserviced Fannie Mae Lender Number to another from February 1 to March 31, 2017 or during January 2017 without Cenlar Investor Reporting approval.
Co-issued Fannie Mae Pools or A/A loans that are not boarded to Cenlar’s System by the end of the month of sale.
Acceptance of a Co-issued loan from a seller that will not board at Cenlar until after March 31.