How to Manage Loan File/Document Requests

Transcription

1 How to Manage Loan File/Document Requests When Fannie Mae requests loan files and/or missing documents, lenders who are registered, set-up and activated in the Quality Assurance System (QAS) can view all these requests. Once a QAS registered and activated user logs into the system, they can access these requests via one of three unique hyperlinks. Lenders who require assistance with QAS should contact their Fannie Mae Account Team. Additional guidance on QAS can be found on the FannieMae.com QAS page: Note: A user must be registered for all nine-digit seller/servicer numbers associated with their company. If the user is not registered for a particular nine-digit seller/servicer number, they will not see any file/document requests for that number. Users should contact their Technology Account Manager for assistance. Once logged into QAS, the main menu displays three hyperlinks located below Quick Search option. For all file and/or document requests, a user should use one of the following hyperlinks displayed under Loan File/Document Requests: Outstanding Loan File Requests: This link will produce a list of all outstanding loan file requests based on the Initial Notification Date. If there are missing documents applicable for any of the loans, please refer to the Missing/Defective Document Request Report for details. Missing/Defective Document Requests: This link provides a listing of all loans with missing or defective documents. Loan File Requests Past Due: This link provides a list of all loans where the initial loan file request from Fannie Mae is now past due, meaning the loan file has not been received and is considered Non-Compliant. Figure 1: Main Menu Loan File/Document Requests 2014 Fannie Mae. Trademarks of Fannie Mae.

2 Common Features for Loan File/Document Requests The three hyperlinks listed under the Loan File/Document Requests section have the following features in common: 1. Search Criteria Section Figure 2: Search Options Export to Excel The hyperlinks provided on the Main Menu have preset queries that display a maximum of 2500 records only. The Export to Excel function, however, can display up to 10,000 records. The user can narrow the search results displayed on the screen by using the filter options provided. 2. Reports a. Report Headings Each search result screen will display a report heading, the date the report is run and the report purpose. Figure 3: Reports Report Heading Each of the hyperlinks in the Loan File/Document Requests section will return the same data elements. These data elements are listed at the end of this document Fannie Mae. Trademarks of Fannie Mae

3 Common Features for Loan File/Document Requests (continued) b. Sort Order By default, reports are sorted by Fannie Mae loan number. By selecting a column heading, a user can perform a single sort. Multiple sorts (sort by x and y) can be accomplished by exporting the report to Excel. Figure 4: Reports Report Column Headings 4. Loan Review Type Lenders can view the breakout of Post Purchase Reviews in the Loan Review Type field. The system will indicate the exact review type such as a Random Post Purchase Review or Discretionary Post Purchase Review. Figure 5: Loan Review Information - Loan Review Type 5. Selection Reason Description Figure 6: Loan Review Information - Selection Reason Description When Fannie Mae selects a loan for either one of the two selection reasons below, the Selection Reason Description field will be populated with the appropriate description. Voluntary Repurchase Lender Self-Reported QC Issue Note: Voluntary Repurchase and Lender Self-Reported QC Issues are typically brought to Fannie Mae s attention by the lender. They are provided here so that the user is aware that Fannie Mae has selected this loan based on the information provided by the lender Fannie Mae. Trademarks of Fannie Mae

4 Outstanding Loan File Requests Selecting the Outstanding Loan File Requests link on the Main Menu page returns a list of all outstanding loan file requests. Search results may be narrowed using filter options. The hyperlinked loan number (e.g., ) takes the user to the Loan Review Details page for that loan. The Document Comments column may also have a Comment Details hyperlink that will display the comments. These are comments that were entered at the time the document was requested. Figure 7: Outstanding Loan File Requests Key fields in this report: Number of Days till Due Date: This is a countdown of the days until the file is due. Once the due date has passed, the loan is considered non-compliant and will appear in the Loan File Requests Past Due section. Document Comments: A Comment Details hyperlink will appear here if Fannie Mae has entered specific comments for the request. These comments provide specific reasons why a particular request is being made Fannie Mae. Trademarks of Fannie Mae

5 Missing/Defective Document Requests Selecting the Missing/Defective Document Requests link on the Main Menu page returns a list of loans with missing or defective document requests. The hyperlinked loan number (e.g., ) takes the user to the Loan Review Details page for that loan. The Document Comments column may also have a Comment Details hyperlink that will display any related comments that have been added. Figure 8: Missing Defective Document Requests 2014 Fannie Mae. Trademarks of Fannie Mae

6 Loan File Requests Past Due Selecting the Loan File Requests Past Due link on the Main Menu page returns a list of loans where the due date has passed. These loans are considered non-compliant. The hyperlinked loan number (e.g., ) takes the user to the Loan Review Details page for that loan. Figure 9: Loan File Requests Past Due This column represents the number of days past the due date. For example, if the loan file was due on January 1, 2015, and today s date is January 11, 2015, the number of days past due will display 10. This count will increase by one for each succeeding day that the file is not received by Fannie Mae. Loan Review Details Selecting a hyperlinked loan number displays the Loan Review Details page for that loan, which includes key loan features. Some examples are Review Information, Document History, Notifications, and REO Information Fannie Mae. Trademarks of Fannie Mae

7 Status Change: As mentioned in the New and Improved QAS Functionality guide, users can view the Status Changed To, Status Changed From, and Status Change Date in the Loan Review Information section. For example: Status Changed From: Lender Action Requested Status Changed To: Lender Concurred Status Change Date: 07/14/2014 Figure 10: Loan Review Details Status Change REO Information The REO Status is displayed in the Loan Review Information section of the Loan Review Details page. Selecting the hyperlink takes a user directly to the REO Details Page. Users can view the Loss Reimbursement Statement, the BPO, the REO Appraisal, and the HUD1 from this page. Figure 11: Loan Information REO Information 2014 Fannie Mae. Trademarks of Fannie Mae

8 Loan Review Details (Continued) Electronic Documents The Electronic Documents section displays the document(s) that the lender has sent to Fannie Mae, which also includes the Document Type for easy identification. The hyperlink under the Document Type column is linked to the actual document. Figure 12: Loan Review Details Electronic Documents LRS Documents (Loss Reimbursement Statement) The LRS Documents section displays the Loss Reimbursement Statement (LRS) file in PDF format. Once selected, the Show Loss Reimbursement Statement button becomes disabled and the lender cannot request an LRS document again for 30 days. The initial click creates a PDF document of the loss statement with a date and time stamp. This statement can be viewed as many times as needed by clicking on the link. Figure 13: Loan Review Details LRS Documents 2014 Fannie Mae. Trademarks of Fannie Mae

9 Loan Review Details (Continued) Notifications Notifications are provided in a common format regardless of the type of notification. Standards content provided in each notification include: Name of the Notification Subject To From Date of the Notification Action Requested Body of message containing the main purpose and description of the request Figure 13: Loan Review Details Notifications Comments In order to receive notices, a lender must be fully set up and activated in QAS. Please see your Fannie Mae Account Team for assistance. Enter comments on the Loan Review Details screen when responding to missing document requests or rebutting repurchase issues. Figure 14: Loan Review Details - Comments 2014 Fannie Mae. Trademarks of Fannie Mae

10 Loan Review Details (Continued) Upload Documents Figure 15: Loan Review Details Upload Documents Use the Upload Document section to upload a PDF document associated with a loan under review, requested by Fannie Mae. This section cannot be used to upload an entire loan file. The Upload Document section is for uploading requested (e.g., missing, defective, etc.) documents and supporting documents on repurchase rebuttals and must be in PDF format. To submit an entire loan file please see the Electronic Loan File Upload Options on the Fannie Mae QAS page: Fannie Mae. Trademarks of Fannie Mae

11 Data Elements in the Loan File Document Requests Reports Fannie Mae Loan Number Primary Borrower Last Name Seller Number Initial Loan File Notification Date Property Address Line 1 Seller Loan Number Loan File Due Date Property Address Line 2 Servicer Name Number of Days Till Due Date Property Address City Servicer Number Loan File Past Due Property Address State Servicer Loan Number Document Comments* Property Address ZIP Code Loan Type Review Type** Review Status Responsible Party Number Seller Name * Comment Details is a hyperlink in the Document Comments column. ** Review Type is a new field on this report and will display the exact review type. Review Types: RPPR = Random Post Purchase Review PFR = Post Foreclosure Review EPD = Early Payment Default Review RV = Recourse Violation Review PPR = Post Purchase Review DPPR = Discretionary Post Purchase Review LOS = Loss Mitigation Review MBS = MBS Trust Compliance Review 2014 Fannie Mae. Trademarks of Fannie Mae