Form 629 PDF Details

In the realm of mortgage servicing rights, the process of transferring servicer responsibilities for loans backed by Fannie Mae is facilitated by the Form 629, known as the Request for Approval of Servicing Transfer. This crucial document lays the foundation for a smooth transition between the servicing entities, ensuring that all necessary details are meticulously outlined and communicated well before the transfer takes effect. Both the transferor (current servicer) and the transferee (new servicer) are required to complete the form and submit it to Fannie Mae, alongside a $500 processing fee, at least 30 days prior to the slated date of servicing transfer. This timeframe allows for adequate processing and approval by Fannie Mae’s Servicing Transfer Group. The form captures extensive details, including but not limited to, the reason for the servicing transfer, lender record information, a comprehensive breakdown of the portfolio to be transferred, and information on any special products contained within the portfolio. Significantly, the form differentiates between full and partial transfers, demands insight into the financial health of the portfolios through specifics such as delinquency ratios and unpaid principal balances, and addresses special handling for unique products such as Interest Only Strips and various mortgage types. For those without email capability, a hard copy submission option is provided, maintaining an inclusive approach to the servicing transfer request process. Additionally, the Form 629 sets expectations regarding electronic e-Transfer submissions and the provision of a loan level file in cases of partial transfers, underlining the detailed and structured approach required for these intricate transactions.

QuestionAnswer
Form NameForm 629
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other namesfb form 629, fannie mae form 629, 629 form fannie mae, lfs lab form 629

Form Preview Example

Full Transfer Yes

Request for Approval of Servicing Transfer

This form must be completed by the transferor and e-mailed to Fannie Mae. Servicer's without e-mail capability can submit a hard copy to the National Servicing Organization at the address indicated below. All requests must be received by the Servicing Transfer Group at least 30 days prior to the effective transfer date.

E-mail or mail transfer requests to the Servicing Transfer Group:

servicing_transfers@fanniemae.com

Submit $500 transfer fee to:

Fannie Mae

Fannie Mae

 

P.O. Box 277672

Attn: NSO - Servicing Transfer Group

 

Atlanta, GA 30384

14221 Dallas Parkway, Suite11201

 

 

Dallas, TX 75254-2916

 

 

We request approval for the following servicing transfer:

Is Fannie Mae the Document Custodian ?

If this is a full transfer of servicing:

Do you intend to remain an active Fannie Mae Seller and Servicer?

Do you have any outstanding commitments with Fannie Mae?

Partial Transfer

No

YesNo

YesNo

Proposed Effective Date of Transfer:

(Note: The proposed effective date of transfer must be the last business day of the last month for which the Transferor servicer is responsible for reporting loan-level detail activity.)

Reason for Transfer:

I.

Lender Record Information:

Transferor Servicer (seller)

Transferee Servicer (buyer)

Name:

Seller/Servicer Numbers Transferring

Address :

Officer Name/Title:

Contact Name /Title:

Contact's Telephone number:

Contact's E-mail Address:

Please provide full 9 digit

XXXXX-XXX-X [seller/

servicer branch number(s)]

II.Information on Portfolio to be Transferred (completed by Transferor servicer).

If the transfer is a full transfer and the numbers for each remittance type do not include loans in foreclosure or acquired properties (REO), provide a similar breakdown of each of these categories on an attached list.

A. "Actual/Actual" Remittance Types

 

 

 

Fannie Mae Risk (Fannie Mae assumes the entire risk of borrower default)

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

Delinquency Ratio

 

% As of

Shared Risk

 

 

 

 

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

Lender Risk

(Lender assumes the entire risk of borrower default)

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

B. "Scheduled/Actual" Remittance Types

Fannie Mae Risk (Fannie Mae assumes the entire risk of borrower default)

Number of Loans

 

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

Shared Risk

 

 

 

 

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

Lender Risk

(Lender assumes the entire risk of borrower default)

 

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

Fannie Mae

Form 629 July 2008

C. "Scheduled/Scheduled" MBS (Pool) Remittance Types

Note: The Transferor servicer and Transferee servicer must ensure that, in the case of a transfer of servicing involving loans that are included in Fannie Majors pools, loans with different remittance dates (whether different standard remittance dates or different MBS Express remittance dates) are reported under separate branch numbers.

Special Servicing Option

(Fannie Mae Risk-Fannie Mae assumes the entire risk of borrower default)

 

 

 

Number of Loans

 

 

Number of Pools

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

Special Servicing Option

(Shared Risk)

 

 

 

 

 

 

Number of Loans

 

 

Number of Pools

 

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

Regular Servicing Option (Lender Risk-Lender assumes the entire risk of borrower default)

Number of Loans

 

Number of Pools

Are you splitting any Pools in this Transfer?

Yes

Unpaid Principal Balance

 

Delinquency Ratio

 

% As of

No

 

D. "Scheduled/Scheduled" Portfolio (Cash/MRS) Remittance Types

 

 

 

 

 

 

 

 

Fannie Mae Risk (Fannie Mae assumes the entire risk of borrower default)

 

 

 

 

 

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

 

Delinquency Ratio

% As of

 

 

Shared Risk

 

 

 

 

 

 

 

 

 

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

 

 

Delinquency Ratio

 

% As of

 

 

 

Lender Risk

(Lender assumes the entire risk of borrower default)

 

 

 

 

 

 

 

 

Number of Loans

 

 

Unpaid Principal Balance

 

 

Delinquency Ratio

% As of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

III.

Special Products:

 

 

 

 

 

 

 

 

 

 

 

 

Are any of the special products listed below included in this transfer?

Yes

No

If yes, please check the applicable

 

 

 

 

 

 

 

 

 

products.

 

 

 

Bi-Weekly Mortgages

Community Lending Mortgages

Community Living Mortgages

Home-Style Construction-to-Permanent

Cooperative Share Loans

Daily Simple Interest Mortgages (DSI) Expanded Approval (EA)

FHA Section 244 Coinsurance Loans Home Choice Mortgages

Home Equity Conversion Mortgages

Home Keeper Mortgages (Reverse Mortgages) Home-Style Mortgages

I/O Strip Loans (see notice below) Manufactured Housing Mortgages

Mortgages with Resale Restrictions

Native American Mortgages

Rural Housing Mortgages (RHS)

Second Mortgages

Simultaneous Second Mortgages Texas Section 50(a)(6) Mortgages

Timely Payment Rewards Mortgages (TPR)

Other:

Comments Regarding This Transfer:

Interest Only (I/O) Strips - Transfer requests for I/O strips must be received at least 60 days prior to the effective transfer date,

I/O transfers must be submitted on a separate Form 629 request (not combined with other non-I/O loan transfers) and include a loan level transfer file

Fannie Mae

Form 629 July 2008

Instructions

Request for Approval of Servicing Transfer

The transferor servicer uses this form to summarize pertinent information about a proposed transfer of servicing.

Copies

Original to Fannie Mae, copy to Transferee.

Printing Instructions

The PDF version of the form must be printed on letter size paper, using portrait format. When printing this form, you must use the "shrink to fit" option in the Adobe Acrobat print dialogue box.

Instructions

The transferor servicer must complete all sections of this form accurately and thoroughly to ensure that all factors pertinent to our review of the proposed transfer can be taken into consideration. This includes providing information related to the transferee servicer under Part I -- Lender Record Information.

This form should be completed in the Excel format and e-mailed to the Servicing Transfer Group at servicing_transfers@fanniemae.com. All transfers are effective on the last day of the month, and requests for transfers must be received by the Servicing Transfer Group at least 30 days before the effective transfer date, to ensure adequate time for processing and approval. Servicers without e-mail capability can submit a hard copy to the National Servicing Organization, using the appropriate mailing address shown on the form. In either instance, both transferor and transferee should retain a copy of the form for their files.

Regardless of whether the transfer request is submitted electronically or in hard copy format, the transferor servicer must send a $500 check for the processing fee at least 30 days before the proposed effective transfer date of the servicing transfer. The check should include a notation of the names of both the transferor and transferee servicers and the effective date of the transfer, or a copy of the Form 629. Processing fees should be remitted to:

Fannie Mae

P.O. Box 277672

Atlanta, GA 30384

In addition to completing the Form 629, the transferor must also complete an electronic e-Transfer submission via our e-Transfer system 15 days prior to the effective transfer date. Failure to submit the electronic e-Transfer request at least 15 days before the effective transfer date will prevent the transfer from being processed. If a partial transfer is being requested, transferor must also provide a loan level file indicating the specific loans to be transferred.

The requirements and responsibilities of both the transferor and transferee in a servicing transfer transaction are available in the Fannie Mae Servicing Guide, Part 1, Chapter 2, Section 205 (Post-Delivery Transfers of Servicing).

Instructions Page

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