Xtend and CU*Answers prepared for Freddie Mac loan reporting changes

CU*Answers has completed the changes to its core software, CU*BASE®, to comply with the Freddie Mac processing changes required for the May 2019 loan reporting cycle. Freddie Mac’s Investor Reporting Change Initiative converts single-family investor reporting requirements to an industry standard monthly reporting cycle beginning on the first of the month and allows for daily loan level reporting and editing.

Xtend’s Mortgage Servicing department has played a primary role in collaborating with CU*Answers teams to ensure they are ready for the Investor Reporting Change Initiative for Freddie Mac portfolios in May 2019. Xtend is now in their 15th year of servicing Freddie Mac portfolios. With this experience behind them they were able to streamline communication between the CU*Answers core processing team and the Freddie Mac project managers. Xtend also took the lead in testing software changes on the Freddie Mac test site and would like to thank the three credit unions who allowed them to use their portfolios during that test period: Isabella Community Credit Union, Taunton Federal Credit Union, and Wolverine State Credit union.

Training will be provided to Xtend’s 15 credit unions that offer Freddie Mac loans in late April and will closely monitor credit union loan activity during the transition month.