Data Corrections Overview

From time-to-time Lenders may need to request data corrections for pool or loans in a submitted status in the Loan Delivery application. The purpose of this job aid is to provide step-by-step instructions on how to make and submit data corrections, if necessary.

Corrections to a Warehouse lender and/or non-editable certification fields do not require assistance from the Fannie Mae Acquisitions Operations Department. Lenders can make changes without having to delete the pool and restart the submission process. Please see the Cancel Certification Job Aid for instructions.

For detailed instructions on how to perform other tasks, see the Loan Delivery User Guide,  eLearning tutorials, or other job aids. If you do not have access to Loan Delivery and require it, please contact your Technology Manager administrator.  

 

Overview

Pool Corrections

The Loan Delivery application provides the ability to submit MBS pool corrections to the Fannie Mae Acquisitions Operations department. Please see the Pool Corrections job aid to determine if a pool correction is required and for directions on how to complete a pool correction. To delete a submitted pool, please see the Pool Deletion Job Aid for instructions.

 

Whole Loan Corrections

Lenders can correct data at the loan level, after a whole loan has been submitted for certification within Loan Delivery, including transferring loans to another commitment prior to purchase on submitted loans.

Additionally, there is an option allowing lenders to select the 'Cancel Cert' button for a submitted loan which brings the loan back to a Draft/Unsubmitted status if data needs to be corrected and resent to the custodian. The loan will be removed from the custodian's queue of loans to be certified. Changes can be made to the loan by, updating the data in Loan Delivery and selecting "Save and Run Edits," after which the loan can then be resubmitted.

If there are no fatal edits present once the loan has been certified, the loan will be purchased with the updated data.

NOTE: If the loan has already been purchased when the error identified, a Post Purchase Adjustment (PPA) must be submitted to correct the data.
Please see Loan Delivery Enhancements - Whole Loan Quick Reference Guide to learn more.