The Lender Record Information(Form 582) provides information needed to verify that the seller/servicer continues to meet Fannie Mae’s basic eligibility requirements as well as certifications regarding compliance with Fannie Mae requirements such as insurance, compliance with laws and the seller/servicer’s authority to transact business with Fannie Mae. Refer to Form 582 for the specifics of the required information and certifications.
The seller/servicer must update its Form 582 when it submits its annual financial statements, within 90 days of its fiscal year-end. The form must be submitted to Fannie Mae electronically. To obtain user IDs to access and submit the online Form 582, refer to Fannie Mae’s website.
After the initial report submission, the seller/servicer must submit updates as changes to its status occur. Sellers/servicers that submit updates throughout the year can substantially reduce their fiscal year-end reporting.
The table below provides references to the Announcements that have been issued that are related to this topic.