About Loan Prospector
Loan Prospector® is a powerful risk assessment tool that gives you ready
access to Freddie Mac’s credit and pricing terms, making it easier for
you to do business because we want to do business with you. This reliable and
innovative automated underwriting technology brings efficiencies to your process as it matches
the way you work.
| Customizable Marketing Material |
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Understanding Automated Underwriting [DOC] is an easy-to-use customizable marketing brochure that provides details for borrowers about automated underwriting and the role it plays in the mortgage process.
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Loan Prospector helps you provide more borrowers with the lowest-cost financing
available. With 10 years of ongoing success and continuous enhancements, you
can count on Loan Prospector to give you easy access to the latest technology.
Who Should Use Loan Prospector?
How Does Loan Prospector Work?
Using statistical models, credit data from the national
credit repositories and the loan application data details a mortgage originator
supplies, Loan Prospector assesses the "Three C's—Credit, Capacity
and Collateral" and the layers of risk to assist the originator in determining
a borrower's creditworthiness and the acceptability of the loan application.
For conventional/conforming mortgages,
Loan Prospector: |
For each loan assessed, Loan Prospector
provides the following results |
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Determines eligibility for assessment
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Assesses borrower's credit reputation and ratios
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Determines a risk profile by measuring the layers
of risk present in the mortgage application
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Determines the minimal appraisal report, required
if any
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Determines Freddie Mac purchase eligibility
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Please note that Loan Prospector assesses only a loan's eligibility for sale to Freddie Mac and does not analyze compliance with laws, regulations or ordinances, or any requirements imposed by your regulator. It is possible that a loan that otherwise meets Freddie Mac's purchase standards may violate a state or local law or regulation; because of that violation, the loan would be ineligible for sale to Freddie Mac Please consult with your legal counsel and/or a compliance services vendor to assure that your loans comply with all applicable laws, regulations, etc.
Learn more about how
Loan Prospector assesses a loan.
How Much Does Loan Prospector Cost?
Loan Prospector requires no set-up, application development or licensing fees.
You pay only $20 to submit a loan to Loan Prospector for evaluation.
For $20, you'll get:
- A Loan Prospector assessment in minutes
- Infile credit reports from the three national credit repositories
You can resubmit a loan up to 15 times to test alternative scenarios and find
the right product for your borrower.
You'll also benefit from a reduced Loan Prospector assessment fee when you
take advantage of Loan Prospector's merged
credit report options. The Loan Prospector assessment fee will be reduced
to $15 for LoanProspector.com customers on all loan
types – conventional, FHA and VA – when you obtain a merged credit
report from a CRC or affiliate through Loan Prospector, or use a Reference Number
from a participating CRC when you submit your loan to LoanProspector.com for
assessment.
How Do You Access Loan Prospector?
We offer multiple choices for accessing Loan Prospector, all designed to meet
the way that you work:
What are Loan Prospector's hours of operation?
Loan Prospector Hours of Operation
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| Time Zone |
Days |
Hours |
| Eastern |
Mon-Fri
Sat
Sun
|
5:30 a.m. to 2 a.m.
5:30 a.m. to 11 p.m.
11 a.m. to 2 a.m. |
Central |
Mon-Fri
Sat
Sun |
4:30 a.m. to 1 a.m.
4:30 a.m. to 10 p.m.
10 a.m. to 1 a.m. |
Mountain |
Mon-Fri
Sat
Sun |
3:30 a.m. to 12 midnight
3:30 a.m. to 9 p.m.
9 a.m. to 12 midnight |
Pacific |
Mon-Fri
Sat
Sun |
2:30 a.m. to 11 p.m.
2:30 a.m. to 8 p.m.
8 a.m. to 11 p.m. |
| Holidays – Loan Prospector is available every
day during the hours listed above, with the exception of the following
days:
- New Year's Day
- Easter Sunday
- Thanksgiving Day
- Christmas Day
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Learn more about:
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