WBK Industry News - Federal Regulatory Developments

FHA Updates EDI File System for Reporting Unpaid Principal Balances on Defaulted Loans

FHA recently updated the Electronic Data Interchange (EDI) layout used to report the unpaid principal balance on defaulted loans.

The revised format permits the number of available digital characters in the system to increase from six to ten, which allows for unpaid balances over $1,000,000.00 to be transmitted.

Loan servicers using this function to submit UPB information must begin doing so in the February 2023 reporting cycle.