Fannie Mae updated Lender Letter LL-2021-12, announcing the effective dates for the Cash Simplification changes outlined in the initial Lender Letter. Per the initial Lender Letter (issued on June 16, 2021), Fannie Mae changed the reporting due date for summary reporting mortgage loans, expanded the transaction type 96 (LAR) format, and changed P&I remittance requirements for summary reporting A/A remittance type mortgage loans. The initial Lender Letter did not have specific effective dates for the announced changes (only targeted effective dates). Per the updated Lender Letter, the revisions related to the reporting due date for summary reporting mortgage loans are effective with the March, 2022 mortgage loan activity reporting. Revisions related to LAR 96 format expansion are effective with the March, 2022 mortgage loan activity reporting. Beginning with the July 2022 mortgage loan activity reporting, Fannie Mae will only accept the LAR 96 expanded format. Revisions related to P&I remittance for summary reporting A/A mortgage loans are targeted for an effective date by the fourth quarter of 2022.
Click to view the Fannie Mae Lender Letter LL-2021-12: https://www.tenaco.com/wp-content/uploads/2021/10/Fannie-Mae-Update-to-Lender-Letter-LL-2021-12-09-29-21.pdf
