Similar to the processing changes implemented in February 2017 for Fannie Mae, we have coded and are almost done with testing the required processing changes for Freddie Mac that will be effective with the May 2019 reporting cycle. For those credit unions who offer Freddie Mac loans, here is a highlight of the changes:
- Moving to an industry standard monthly investor reporting cycle beginning the first of the month.
- Allowing for daily loan-level reporting and editing.
- Adopting a single common remittance due date for principal and interest on all loans (excluding payoffs).
- Drafting funds due from the CU directly on the remittance due date.
More information is available on the Freddie Mac site.
The chef for this recipe is Karen Sorensen.