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Submitting a Lender Self Report
All self reporting now takes place in Loan Quality Connect. This includes creating and submitting the self report, uploading all supporting documentation, and tracking a report's status as Fannie Mae makes a decision as to how to proceed. You can also keep track of reports that you have started, but not yet finished. When a reviewer needs more information, a request will appear in your Lender Self Report queue and be counted in the BI cards.
The Selling Guide has multiple requirements for self-reporting. Each has a defined time frame:
- 30 days after (i) determining that a breach of a selling warranty has likely occurred or (ii) confirming loan defects identified during a QC file review, which defects result in the loan being ineligible as delivered
- 60 days after determining that certain breaches of a selling warranty related to compliance with laws has likely occurred
Follow these steps to submit a Lender Self Report after logging in to Loan Quality Connect:
- Select Lender Self
Report from the left navigation menu.
The Lender Self Report screen appears.
- Click Create Self
The Lender Self Report > Edit screen appears. It contains three sections for gathering information about the loan, the breach/defect, and the supporting documentation. You are required to upload all relevant documentation that supports the self-reported discrepancy.
- To complete the loan information section:
- Click the
radio button next to either Self-Report
of Lender QC Findings or Self-Report
of Compliance with Laws.
The screen expands to show the Selling Guide's requirements for that report.
The lender must notify Fannie Mae within 30 days of confirmation that one or more defects identified through the QC file review process results in the loan being ineligible as delivered to Fannie Mae. The lender must make notification to Fannie Mae via the Lender Self-Report Mailbox (see E-1-03, List of Contacts).
When making the self-report to Fannie Mae, the lender must provide Fannie Mae with a written report of its findings and copies of any relevant documentation that support the reason for the finding. For example, if tax return transcripts reveal that qualifying income was inaccurate such that the borrower was not qualified for the loan on the terms and pricing offered, the lender should provide copies of the original income documentation and the tax return transcripts with its notification to Fannie Mae.
The lender must notify Fannie Mae within 60 days if, after conducting due diligence, it determines that a breach of a selling warranty related to compliance with laws has likely occurred. The lender's notification responsibilities depend on how many loans are affected and whether the breach could warrant a repurchase demand based on criteria as described in the Selling Guide (see A3-2-01, Compliance With Laws).
If the number of loans potentially affected by the breach exceeds the lesser of 500 loans or 1% of prior year loan deliveries to Fannie Mae, the lender must notify Fannie Mae within 60 days.
- Select your organization's name from the Lender drop-down menu.
the appropriate option from the Reason
Report to Fannie Mae drop-down menu.
- Enter the Fannie Mae Loan Number.
- Enter the 9-digit Seller Loan Number the loan was sold under into the text field labeled Seller servicer loan number.
- Enter the Borrower Last Name.
the date picker to select the Note
- Enter a complete synopsis of the QC findings and the reason for the request in the Description text box.
- To complete the Deficiency Information section:
the arrow to expand the Deficiency Issue section if it is closed.
the deficiency Category from
the drop-down menu.
the deficiency Sub Category
from the drop-down menu.
the Defect from the drop-down
Add to enter additional
defects, if needed.
The deficiency issue appears on the screen and the drop-down menus reset.
- Click Add to enter additional defects if needed.
- To complete the supporting documentation section:
the down arrow to expand the Supporting Documentation section if it
the Document Type from the
Browse to open a local directory
and select the document you want to upload.
The uploaded document information is displayed as shown below.
- If you are unable to complete the entire report after
beginning it, click Save.
You can then open it from your Self Report queue and work on it later.
Remember: The Save button does not submit the report. You may edit and save your report as many times as you wish. Saved requests are not viewable to Fannie Mae. You must click Save and Submit to finish your report and allow Fannie Mae to view it.
- When you have completed all the fields on the screen
and uploaded all the necessary documentation, click Save
A Confirmation screen appears.
Click Proceed to finalize your submission. After clicking Proceed, you will not be able to make changes to the report. Therefore, if you need to change or add anything to the report, click Cancel.
Note: Once you click Save and Submit, you will not be able to edit or add documents.
Note: The Self Report form for a loan should NOT be submitted more than once.
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