Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 22.00 - Servicer's Guide
ACCOUNTING AND REPORTING
Section 22.36 - Monthly Reporting
Current through Register 1531, September 27, 2024
The Summary of Monthly Activity summarizes the monthly activity of Mortgage Loans serviced for MHMFA, and records the remittance due MHMFA for a given month. On the 30th of each month, a cut-off of activity is required for reporting purposes. The Summary of Monthly Activity should be prepared as of this date and submitted to MHMFA by the tenth of the next following month. The MHMFA Summary of Monthly Activity form must be used.
The MHMFA Reconciliation of Constants and Forecasts of Principal Due reconciles Mortgage Loan constants, and forecasts the monthly principal due. It must be submitted to MHMFA with the Summary of Monthly Activity. The MHMFA Reconciliation of Constants and Forecasts Principal Due form must be used.
To support the Summary of Monthly Activity and Reconciliation and Forecast reports, MHMFA requires the following detail reports:
(a) Monthly Activity Detail Schedule I. This report records information concerning payments in full, foreclosures, repurchases, loans added.
(b) Monthly Activity Detail Schedule II. This report records information concerning curtailments, and delinquent principal paid.
(c) Summary of Delinquent Loans. This report records delinquencies and delinquency ratios.
(d) Trial Balance. This form records detail information about each Mortgage Loan on a monthly basis.
Servicer may submit the information required by the detail reports in any form provided that the reporting form must be legible, clearly titled and may not exceed standard legal paper size (8-1/2" x 14").
Detail reports must accompany the summary of Monthly Activity, and reflect, where appropriate, the same cut-off date.
The Multipurpose Loan Participation Servicing Report should be submitted for any transmittal to MHMFA of material other than the monthly reports, and must be used for any event listed on the report and for any other event for which MHMFA requires clarification or explanation or any event of which Servicer deems that MHMFA should be informed.
THIS DOCUMENT, THE MHMFA SERVICER'S GUIDE, IS TO BE INCORPORATED BY REFERENCE IN AGREEMENTS FOR THE SERVICING OF MORTGAGE LOANS IN WHICH MHMFA ACQUIRES A LOAN PARTICIPATION AND SHALL REQUIRE NO SIGNATURE FOR ITS OPERATION OR EFFECT BETWEEN A SERVICER AND MHMFA.
