Metro 2 Credit Reporting for Mortgage Servicers
Accurate mortgage reporting with K3 segment support. Report HELOCs, first mortgages, and second liens with full compliance.
Challenges for Mortgage Lenders
K3 Segment Complexity
The mortgage-specific K3 segment has numerous required fields that are easy to get wrong.
HELOC Draw/Repay Periods
HELOCs transition between draw and repayment periods requiring status changes.
Escrow Reporting
Properly reporting escrow-related payment amounts and shortages is complex.
Servicing Transfers
Transferring servicing requires careful handling of reporting continuity.
How Metro2 Helps
K3 Segment Automation
Automatically generate accurate K3 mortgage segments from your servicing data.
HELOC Period Tracking
Track and report HELOC draw periods, conversion dates, and maturity accurately.
Escrow Integration
Integrate escrow tracking for accurate payment amount reporting.
Servicing Transfer Support
Smooth reporting transitions when acquiring or transferring servicing rights.
Features for Mortgage Lenders
1First Mortgage Templates
Pre-configured for conventional, FHA, VA, and USDA first mortgages.
2Second Lien Support
Proper reporting of second mortgages, HELOCs, and home equity loans.
3ARM Adjustment Tracking
Track adjustable-rate mortgage resets and payment changes.
4Modification Reporting
Properly report loan modifications with correct status codes and dates.
Who Uses Metro2
Independent Mortgage Banks
Non-bank mortgage lenders reporting originated and serviced loans.
Mortgage Servicers
Third-party servicers reporting on behalf of loan owners.
Credit Union Mortgages
Credit unions servicing member first and second mortgages.
HELOC Lenders
Banks and lenders specializing in home equity lines of credit.
Compliance & Regulations
CFPB Servicing Rules
Compliant with CFPB mortgage servicing rules including RESPA requirements.
HMDA Alignment
Metro 2 reporting aligned with HMDA data requirements where applicable.
Loss Mitigation Reporting
Proper status codes for forbearance, modifications, and other loss mitigation.
Frequently Asked Questions
What fields are required in the K3 segment?
K3 requires mortgage type, property type, and loan terms at minimum. Additional fields like secondary financing indicator and mortgage ID should be reported when applicable.
How do I report a HELOC in draw period vs repayment?
During draw period, report as open-end revolving (Portfolio Type R) with the current balance and credit limit. When converting to repayment, update terms to reflect the repayment period.
What about forbearance under CARES Act?
Report the account as current (status 11) during CARES Act forbearance if the borrower was current when entering forbearance. Use Special Comment code CP (Paid Under a Partial Payment Agreement) if applicable.
How do I report a short sale?
Report with status code 65 (Real Estate Sold with a Balance) and Special Comment code AU (Account Paid for Less than Full Balance). Update balance to any remaining deficiency.
Related Industries
Accurate Mortgage Reporting
K3 segments done right, every time.