Incorrect Maturity Dates for September 2012 on 35 Fannie Mae Whole Loan REMIC and Grantor Trust Deals

Incorrect Maturity Dates for September 2012 on 35 Fannie Mae Whole Loan REMIC and Grantor Trust Deals

Fannie Mae was recently informed by Wells Fargo CTS (in its capacity as master servicer on certain Whole Loan REMIC and Grantor Trust Deals), that it reported incorrect loan-level maturity dates in September for approximately 10,000 single-family loans, impacting 35 Whole Loan REMIC and Grantor Trust transactions. This was an issue that impacted Fannie Mae transactions as well as other non-Fannie Mae transactions in the market. The incorrect maturity dates impacted one or both of the following fields: (1) disclosed Weighted Average Maturity for September 2012 and (2) the Maturity Dates for September 2012.

The impacted Fannie Mae files (released in September) can be found on the Fully Guaranteed Whole Loan Deals, Whole Loan REMIC/SMBS Pseudopool Reports, and Remittance Reports webpages on Fannie Mae’s website under the MBS/Structured Transactions section. These files will not be corrected for the September 2012 reporting cycle. Fannie Mae suggests that market participants use the August files and use the Securities Industry and Financial Markets Association (SIFMA) calculation for September data.

Market participants should note that investor payments were not impacted by this reporting error.

Wells Fargo has informed us that the issue that caused the incorrect reporting has been remedied. We anticipate that the October data will be correctly reported on or about the 25^th of the month.

For more information regarding this issue, please contact the Fixed-Income Securities Investor Helpline at 1-800-237-8627 or email fixedincome_marketing@fanniemae.com.

Listed below are the 35 affected REMICS and Grantor Trusts: 

Page originally published: 10/11/12