The Clock is Ticking…
May 31, 2018
The Investor Reporting Change Initiative will impact the way you do business with us. This is a complex change and we need all our Servicers and vendors to be ready to transition to the new reporting cycle in May 2019.
You should already be engaged with your service bureau to assess how these changes will impact your P&I reporting and corrections, but have you thought about impacts to other areas of your business outside of Investor Reporting?
Reporting Cycle Changes
- You'll have the flexibility to report loan status daily and are encouraged to do so. This will allow you to better manage your operations, report revisions as needed, and allow us to notify you sooner about any required data corrections.
- We'll draft the amount due directly from the Custodial Account you designate, so there's one less step for you to perform. Automatic drafting will give you greater certainty on your amount due, and we'll provide you with a draft report two days prior as confirmation.
Data & Reporting
- Loan modifications will be updated daily as opposed to once a month. You'll be able to inactivate a loan immediately at day 120 of delinquency, and will no longer have to pass through all scheduled interest for a partial reinstatement of a loan that is delinquent.
For More Information
- Review our Getting Ready Checklist and Customer Integration Testing Strategy to ensure all your departments are ready for the Investor Reporting change.
- Visit our Frequently Asked Questions web page which is updated based on feedback from Servicers.
- Contact the Customer and Vendor Integration Team to participate in our client/vendor engagement meetings.