Update to Fannie Mae announcement regarding removal of loans from certain Mortgage-Backed Securities (MBS) pools
To clarify the announcement that Fannie Mae published on April 7, 2017, a system error allowed loans into MBS that were not eligible to be pooled into those securities. Per Fannie Mae’s Trust Agreement, Fannie Mae must remove such loans from the MBS once it is determined that they are ineligible. As standard practice, removal of a loan from a pool for any reason is identified as a prepayment in general MBS disclosure.
Based on inquiries, Fannie Mae has updated this announcement to include all pools in which loans were removed due to this system issue. The full list of impacted pools is available in the following file. We have also updated this announcement to include responses to frequently asked questions (FAQs).
As a reminder, Fannie Mae has a claim process for investors when they have inquiries regarding the performance of a Fannie Mae security. The standard claims template is incorporated in the FAQs. You may also contact Fannie Mae’s Investor Help Line at 1-800-232-6643, Option 2 or by email in order to discuss next steps related to the claims process.