Fannie Mae (FNMA) Twice Monthly (2X) Reporting LAR Export File Rejected for Paid Off Loans (Removals) having Incorrect Cumulative Balances

Fannie Mae (FNMA) Twice Monthly (2X) Reporting LAR Export File Rejected for Paid Off Loans (Removals) having Incorrect Cumulative Balances

If your Fannie Mae loan has a regular payment made, and then a payoff is made on that loan in the same period, both before the Fannie Mae mid month cutoff date, you may find that your Fannie Mae LAR Export file containing that loan's payoff activity is rejected by Fannie Mae. FNMA may cite that the reject reason is that the cumulative balances on this paid off loan (removal) is incorrect.

This would only occur if you have implemented the Twice Monthly (2X monthly) reporting model.
The rejected LAR Export file would be the one generated by Fusion Servicing Director immediately after the loan's payoff or removal activity.
There may be a problem with the way cumulative balances are presented when there are multiple transactions in a reporting period.

Workaround:

You should manually correct such rejects on the FNMA web site (SURF).

ArticleNumber:

000069863