West Michigan CUSO, CU*Answers, announced that their Lender*VP, Xtend SRS, and Programming Teams collectively have completed a revamp of the tools for processing Participation Loans within their flagship CU*BASE core processing software. The new added features are specifically designed for 360 mortgages through the secondary market (Fannie Mae, Freddie Mac, FHLB).

This new programming includes enhanced logic for processing member loan payments (interest calc type 360 and 365 loans) in the participation loan settlement. Monthly settlement is now more precise, more specific to the investor, and more thoroughly documented to make the workflow more consistent, efficient, and easier to learn. Additionally, controls were added to better facilitate network solutions for servicing mortgage loans for CUSOs like Neighborhood Mortgage Solutions (NMS) and other partners.

All the Participation Lending functionality has been moved to a new Participation Loan Processing Menu, which is set up to be more consistent workflow for the user – having separate sections for daily processing, monthly processing, reporting and configuration.