This topic contains information on individual mortgage loan files, including:
All records related to loans (including all data and materials representing, based on, or compiled from such records) sold to or serviced for Fannie Mae are Fannie Mae’s property and any other owner of a participation interest in the loan regardless of their physical form or characteristics or whether they are developed or originated by the loan seller, servicer, or others.
Each of the loan originator, seller, servicer, and any service bureau or any other party providing services in connection with selling or servicing a Fannie Mae loan:
has no right to possess these documents and records except under the conditions specified by Fannie Mae, and
must hold these documents solely for the benefit of Fannie Mae.
The servicer must use the loan origination file to accumulate other pertinent servicing and liquidation information.
If the seller does not service the loan, it must transfer the loan file to the servicer. The servicer must document in the servicing loan file its compliance with all Fannie Mae policies and procedures, including timelines that are required by the Servicing Guide. The servicer and the responsible party must keep all of the individual loan records and all servicing records for the time it serviced the loan.
The seller/servicer must:
maintain the accounting records relating to loans in accordance with sound and generally accepted accounting principles;
ensure that the records meet Fannie Mae’s requirements;
ensure the accuracy, security, confidentiality, integrity, completeness and legibility of the individual loan file;
protect against any anticipated threats or hazards to the security or integrity of files and records;
protect against unauthorized access to or use of files and records and is responsible for requiring, by contract, that any subservicers or other third parties that access mortgage files and records also implement these measures;
periodically review changes in technology to make sure that all records continue to be obtainable and readable in the future.
The following table describes Fannie Mae’s general rights related to its audit of records.
|GENERAL REQUIREMENTS FOR AUDITS OF RECORDS|
|Right to Audit||Fannie Mae may examine and audit, at any reasonable time, all loan records and other information that Fannie Mae considers necessary to ensure that the seller/servicer is complying with Fannie Mae requirements.|
|Delivery of Records||
|Audit Activities||Fannie Mae’s examination and audit of the seller/servicer’s records may consist of
The following table describes the record retention requirements for certain types of records.
|RECORD RETENTION REQUIREMENTS|
|Type of Record||Requirements|
|Loan payment records||The servicer must maintain permanent mortgage account records for each loan it services for Fannie Mae. The records must be identified by Fannie Mae’s loan number (and any related participation certificate or MBS pool number) in addition to any other identification the servicer uses. The servicer may develop its own system for maintaining these records, as long as it can produce an account transcript within a reasonable time after it is requested.
The servicer’s accounting system must be able to produce detailed information for the following:
|Accounting reports||Unless instructed otherwise, the servicer may destroy any accounting reports 18 months after such reports are filed with Fannie Mae.|
|Annual Statement of Eligibility for Document Custodians (Form 2001)||A servicer that is also a Fannie Mae document custodian must maintain a copy of Form 2001 for seven years at all locations that are covered by the completed form and ensure that they are available for on-site reviews.|
|Records related to HAMP||The servicer must retain:
|Records related to 2MP||The servicer must retain:
|Records related to bankruptcy or foreclosure proceedings||
|Expense reimbursement claims||The servicer must retain in the loan servicing file all supporting documentation for all requests for expense reimbursement.|
|Liquidation records||After a loan is liquidated, the servicer must keep the individual loan records for at least four years, unless the local jurisdiction requires longer retention or Fannie Mae specifies that the records must be retained for a longer period.|
|Records related to repurchase or reimbursement||If a loan or property is repurchased or a make whole payment remitted, the responsible party must keep the individual loan records for at least four years from loan liquidation unless applicable law requires longer retention or Fannie Mae specifies that the records must be retained for a longer period.|
For eMortgages, the seller/servicer must follow the record retention requirements for the type of record described in the table immediately above, if applicable, and the requirements for storing mortgage loan files and records as described in A2-5.1-03, Electronic Records, Signatures, and Transactions