Avoiding More Common Edits – Part 2
Did you know that Freddie Mac receives an average of 25,000 system edits a month?
This best practice is a continuation of fixing easily-avoidable common edits, to save you the time and trouble of retransmission.
|Edit 101||You reported a Freddie Mac loan number our system doesn’t recognize and receive an "Invalid Freddie Mac loan number" message.||
Correct the loan number and retransmit or, if it’s not a data entry error, check these areas since they’re often the cause:
|Edit 302||The transaction for the next accounting cycle has been received, but there’s no transaction for the current cycle.||You transmitted a transaction for this loan for the next cycle before we processed the current cycle transaction for this loan (i.e. a payoff for the 16th is transmitted prior to your monthly transmission for the cycle). You must transmit the current cycle information in order for Freddie Mac’s system to process the next cycle information.|
|Edit 314||The next cycle transaction should have been reported as current cycle. You reported an exception date that does not correspond with the accounting cycle date.||Verify the accounting cycle and report this transaction as a correction with a current accounting cycle.|