CU*Answers successfully rolled out CU*BASE® changes to comply with the new Fannie Mae reporting requirements. Lender*VP and Xtend Mortgage Servicing hosted two separate information webinar sessions to prepare FNMA seller/servicers for the investor reporting changes effective February 2017.

“We have been busy over the last year making the appropriate changes to comply with the new Fannie Mae reporting requirements,” said Laura Zazackis, Lender*VP account executive. Changes made included:

• Investor reporting is opened up so that it can occur on any day of the month that there is loan activity
• Required monthly reporting of all Fannie loans is due by calendar day 22 (the system will force a reporting file on the first business day after the 22nd if not already created)
• Payoff transactions must be reported on the next business day
• Termination or cancellation of mortgage insurance coverage (PMI) must be reported via the existing action code/action date fields

For more information on this initiative, please visit the CU*Answers website.