Automatic Reclassificaton of MBS Pool Loans

If a loan is in an MBS pool, a request to reclassify the loan will automatically generate once the servicer reports receipt of the third (or fourth, if applicable) trial period payment. Follow the steps below to determine the reclassification status on an MBS pool loan.

1. Check the current status of pool loans through HSSN to determine the status of the reclass event.  For further details, refer to  Generating Reclass Transactions Reports.  Reclassification generally takes place on the 25th of each month.
   • Give your accounting group time between receipt of the executed modification, reclass, and the first payment date, so that they can change your systems to the modified terms before the next IR report is due.  The first payment date of the modification can be as soon as the 1st of the following month after the reclass.

2. Once the reclassification has occurred, you must provide the Officer Signature Date and close the Modification case. Ensure that the Officer Signature Date is not prior to the Reclassification Date. Refer to Submitting the Final Attestation for Successful Trial Periods and Closing the Case Using HSSN for more details.