Fannie Mae will electronically transmit via Message Manager the following documents to the lender:
a seller’s Purchase Advice to detail Fannie Mae’s disbursement of the purchase proceeds and
a report to summarize the lender’s purchases for each whole loan commitment.
Fannie Mae also will transmit a servicer’s Purchase Advice to the mortgage servicer to provide the information necessary for its accounting records for the mortgage if the lender will not be servicing the mortgage.
The Purchase Advice will contain the following information:
each mortgage, identified by a Fannie Mae loan number (which the servicer should enter into its records immediately because it must be used in reporting all subsequent activity related to the mortgage to Fannie Mae); and
a report with the applicable payee code for each wire transfer request.
Fannie Mae will transmit the Purchase Advice on the business day it funds the purchase proceeds.
The lender should examine each Purchase Advice it receives and reconcile the advice to its books and records to ensure that any transfer of funds is properly credited to the lender’s designated bank.
Fannie Mae expects lenders to have appropriate controls and procedures in place to perform timely and accurate reconciliations of the transfers of funds for all whole loan deliveries.
The lender must send Fannie Mae written notice of any error, omission, or irregularity in the transfer of funds or in processing the request for the repetitive transfer within 30 days of the date of the Purchase Advice or Fannie Mae will assume that the information on its Purchase Advice is correct.
If the lender believes the amount disbursed is incorrect, it can request an adjustment by following the instructions provided in Seller/Servicer-Initiated Post-Purchase Adjustments. The message should include details of the discrepancy and the corrective action required.
Requests must include the following information:
the lender’s nine-digit Fannie Mae seller/servicer number;
the ten-digit Fannie Mae loan number;
the Purchase Advice;
the Loan Schedule;
the mortgage note;
the mortgage payment history, if the discrepancy is related to the last paid installment or unpaid principal balance (UPB) at delivery;
the ARM rider, if the loan is an ARM; and
any other items relating to the correction.
After the lender receives notification that Fannie Mae has purchased a regularly amortizing FHA mortgage for its portfolio, the lender must complete a Mortgage Record Change (HUD Form 92080) and submit it to HUD through FHA Connection.
For notifications to FHA, lenders will also need to include Fannie Mae’s Mortgagee Number 950010999 on the form. Only the first five digits of this number are required if submitting the HUD form through FHA Connection.
The table below provides references to the Announcements that have been issued that are related to this topic.