How to Manage Repurchase/MakeWhole Requests · How to Manage Repurchase/MakeWhole Requests The...
Transcript of How to Manage Repurchase/MakeWhole Requests · How to Manage Repurchase/MakeWhole Requests The...
How to Manage Repurchase/MakeWhole Requests
The Repurchase/MakeWhole section of the Main Menu screen features the following links to
preset queries on the different types of repurchase issues:
All Repurchase/MakeWhole Requests -– Returns a list of all loans that have a review
status of Lender Action Requested, Lender Concurred and Lender Rebutted.
Open Repurchase/MakeWhole Requests -– Returns a list of all loans with a review
status of Lender Action Requested.
Bulk Concur -– Displays a list of loans that Fannie Mae has requested
Repurchase/MakeWhole. This provides lenders the ability to concur with Fannie Mae’s
request for Repurchase/MakeWhole on one, multiple, or all loans in the list.
Concurred Repurchase/MakeWhole Requests -– Returns a list of all loans with a review
status of Lender Concurred (i.e., the lender has agreed with Fannie Mae’s
Repurchase/MakeWhole Request by clicking on the Concur button).
Rebutted Repurchase/MakeWhole Requests -– Returns a list of all loans with a review
status of Lender Rebutted.
Figure 1: Main Menu - Repurchase/MakeWhole Requests
© 2014 Fannie Mae. Trademarks of Fannie Mae. 12.15.2014 2
Common Features for Repurchase/MakeWhole Requests
The five hyperlinks listed under the Repurchase/MakeWhole Requests section have these
features in common.
1. Search Criteria
2. Reports
a. Report Headings – Each search result screen will display a report heading, the datethe report is run, and the report purpose.
Common Features for Repurchase/MakeWhole Requests (continued)
In the Search Criteria
section, preset queries
will display a maximum
of 2500 records only.
However, the Export
to Excel function will
display up to 10,000
records. The user can
narrow the search
results displayed on
the screen by using the filter options.
Figure 2: Search Criteria – Export to Excel
Figure 3: Reports – Report Heading
Each of the hyperlinks in the Repurchase/MakeWhole Requests menu will return the
same data elements. These data elements are provided at the end of this document.
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Common Features for Repurchase/MakeWhole Requests (continued)
b. Sort Order – By default, reports are sorted in order by Fannie Mae Loan Number. By
clicking on any column heading, a user can perform a single sort. Multiple sorts (sort by x and y) can be accomplished by exporting the report in an Excel format.
3. Loan Review Type , Loan Review Status, Selection Reason Description and Status
Change From, To and Date
Figure 4: Reports – Report Column Headings
The Loan Review Type
and Loan Review Status
fields are displayed in the
Loan Review Information
section. The eight Loan
Review Types are identified
at the end of this document.
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
Status Change: Users can view the Status Changed To, Status Changed From, and Status Change Date in the Loan Information section.
Figure 5: Loan Review Details – Loan Review Information
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.
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Common Features for Repurchase/MakeWhole Requests (continued)
Provided below is information regarding two specific column headings featured on the reports
within the All Repurchase/MakeWhole Requests category. These columns help users to
manage aged loan files.
The Age Since LAR Notification is the number of days between when the initial
notification was sent, and the current system date.
The Age Since Status is the number of days between when the last review status
change occurred, and the current system date.
Figure 6: Repurchase/MakeWhole Requests – Column Headings
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All Repurchase/MakeWhole Requests
The All Repurchase/MakeWhole Requests displays all open loans where a Repurchase/
MakeWhole request has been issued by Fannie Mae. This includes all open loans that have a
review status of Lender Action Requested, Lender Concurred, and Lender Rebutted.
Figure 7: All Repurchase/MakeWhole Requests
Under the Review Status and Review Type options, selecting All may result in extended
response times. It is recommended to narrow the search by using the drop-down options.
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Open Repurchase/MakeWhole Requests
The Open Repurchase/MakeWhole Requests displays all the loans where a Repurchase/
MakeWhole request has been issued by Fannie Mae. These loans will have a review status of
Lender Action Requested.
Figure 8: Open Repurchase/MakeWhole Requests
Note: Once a user Concurs or Rebuts Fannie Mae’s repurchase request, the loan will no
longer appear in this section. The loan will appear in either the Lender Concurred or
Lender Rebutted section depending on the action taken.
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Bulk Concur
Selecting this hyperlink displays a report of all Fannie Mae’s repurchase requests based on
specific search criteria. The user can select any number (one, several, or all) of repurchase
requests in the list by clicking the check box and then clicking Bulk Concur. If a user chooses
to include a comment, that comment will be applicable to each selected loan. The bulk concur
list of loans can also be exported to an Excel spreadsheet but only before completion of the
Bulk Concur action.
Steps to Bulk Concur 1. Select the loans to
concur
2. Enter comment that applies to all selected loans
3. Click on the Bulk Concur button
Once a user performs the Concur function, the status of the loans will change to Lender
Concurred. This function cannot be undone by the lender. Please contact your CRT
representative for assistance.
Figure 9: Bulk Concur
Steps to Bulk Concur: 1. Select the loans to
concur 2. Enter a comment
that applies to all selected loans
3. Click on the Bulk
Concur button
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Concurred Repurchase/MakeWhole Requests
The Concurred Repurchase/MakeWhole Requests report displays all the loans where the
lender has concurred with Fannie Mae’s Repurchase/MakeWhole Requests.
Figure 10: Concurred Repurchase/MakeWhole Requests
The most recent concurred date is displayed on the report under the column heading
Latest Concurred Date.
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Rebutted Repurchase/MakeWhole Requests
The Rebutted Repurchase/MakeWhole Requests report displays the loans which the lender
has rebutted Fannie Mae’s Repurchase/MakeWhole Requests.
Figure 11: Rebutted Repurchase/MakeWhole Requests
The most recent rebuttal date is displayed on the report under the column heading
Latest Rebuttal Date.
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Loan Review Details
Selecting a hyperlinked loan number will display the Loan Review Details page for that loan
and features several different sections.
Within the Loan Review Information section, users can review the existing loan review status
and also the most recent status changes.
Figure 5: Loan Review Details – Top of Screen
Figure 12: Loan Review Information – Selection Reason; Status Change
For loans that are foreclosed, the REO Status is displayed in the Loan Information section of the Loan Review Details page. Clicking on the hyperlink takes a user directly to the REO Details Page. Users can view the Loss Reimbursement Statement, BPO, REO Appraisal, and the HUD-1 from this page.
Figure 13: Loan Information – REO Information
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Loan Review Details (Continued)
The middle of the Loan Review Details page provides additional history and links to relevant
documents.
Figure 14: Loan Review Details
The Electronic Documents section displays the document(s) that the lender has sent to Fannie Mae, including the type of document for easier identification. The hyperlinked name under the Document Type column is linked to the actual document.
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Loan Review Details (Continued)
The bottom portion of the Loan Review Details page contains additional documentation links.
The LRS Documents section will display the Loss Reimbursement Statement (LRS) with a link
to the PDF format of the document. This will only display when a lender requests the LRS and it
will include the date and time stamp of the request. The lender cannot request another LRS
document for 30 days after that date.
The Notifications section lists all notifications sent by Fannie Mae in PDF format.
Standard headings provided in each notification include:
Name of the Notification
Subject
To
From
Date of the Notification
Action Requested
Body [contains the main purpose and
description of the request]
The Comments section allows the user to enter additional information and then click Add
Comment. The user can also enter an explanation and then click either the Rebuttal or Concur
button to document the research findings.
Figure 15: Loan Review Details – LRS Documents
Figure 16: Loan Review Details – Notifications
Figure 17: Loan Review Details – Comments
To Concur or Rebut Fannie Mae’s Repurchase/MakeWhole Requests, click the appropriate button.
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Loan Review Details (Continued)
The Upload Documents section is intended for uploading requested documents (e.g., missing, defective, etc.) and supporting documents on repurchase rebuttals. All documents must be uploaded in PDF format.
The Upload Document section cannot be used to upload an entire loan file.
To submit an entire loan file, please see the Electronic Loan File Upload Options on the Fannie Mae QAS page: www.fanniemae.com/singlefamily/quality-assurance-system.
Figure 18: Loan Review Details – Upload Documents
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Data Elements in the All Repurchase/MakeWhole Request Reports
Fannie Mae Loan Number
Outstanding Documentation
Property Address Line 1
Seller Name
Initial Loan File Notification Date
Review Type Property Address Line 2
Seller Number
Initial LAR Notification Date
Review Status Property Address City Seller Loan Number
Age (Days) Since LAR Notification
Age (Date) Since Status
Property Address State
Servicer Name
Latest Reaffirmation Date
REO Status Property Address Zip Servicer Number
Latest Rebuttal Date
REO Status Date Responsible Party Name
Servicer Loan Number
Latest Concurred Date
Primary Borrower Last Name
Responsible Party Number
Loan Type
Loan Review Types
RPPR = Random Post Purchase Review PPR = Post Purchase Review
PFR = Post Foreclosure Review DPPR = Discretionary Post Purchase Review
EPD = Early Payment Default Review LOS = Loss Mitigation Review
RV = Recourse Violation Review MBS = MBS Trust Compliance Review