eRAMP - Beneficial rights sold to Fannie Mae or Freddie Mac before transfer completed

Beneficial rights sold to Fannie Mae or Freddie Mac before transfer completed

Problem: Your investor sold loans to Fannie Mae or Freddie Mac before you complete your transfer of rights to your investor.

Cause: The beneficial rights have been transferred by another party or have been transferred to Fannie, Freddie Mac or GNMA before you completed your transfer of rights to your investor.

Solution: With beneficial rights transferred only servicing rights remain to transfer. Follow these steps to transfer servicing rights.
  1. Open 203 (seasoned) or 206 (Flow) Transfer of Servicing Rights screen.
  2. Open transaction type list box located in upper left corner of screen.
  3. Select Recently Transferred (207)
  4. Click Rejected view option located above reset button.
  5. Search for desired investor to group all loans by same investor, i.e. Countrywide
  6. Change Current Investor to Fannie Mae, Freddie Mac or other.
  7. New servicer should be the same as displayed. If incorrect update.
  8. Click Apply to Group.
  9. Select Current Investor and click OK.
  10. Move loans to the right and send loan to MERs.

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