Greater choices and flexibility in managing the collateral assessment process
LP's Property Inspection Alternative
Loan Prospector also offers Property Inspection Alternative (PIA). Learn more
The collateral feature in Loan Prospector® allows you to further streamline
your mortgage origination process and improve service to borrowers. With our
easy-to-use collateral feature, you’ll see expanded eligibility for streamlined
assessments through Loan Prospector’s Home ValueSM property valuation
models, which we’ve improved to include more coverage than ever.
How it Works
Loan Prospector’s collateral feature provides you feedback that specifies
the minimum collateral assessment required for the loan to be eligible for sale
to Freddie Mac. The report specified in your feedback is determined by Loan
Prospector’s assessment of the loan’s overall risk profile and whether
Loan Prospector's Home Value models can independently verify the property value.
We provide you with streamlined assessment reports that are acceptable to a
broad range of investors. Our collateral feedback specifies one of the following
minimum assessment forms, depending on the loan’s credit risk profile:
Minimum Assessment Form
Steps Required
Loan Prospector Condition and Marketability
Report (Form 2070)
This consultation report is our most streamlined
assessment form specifically designed to be used in conjunction with Loan
Prospector’s Home Value models. Using this form, the appraiser performs
either an interior and exterior inspection or exterior-only inspection
as specified in your Loan Prospector feedback, as well as a drive-through
inspection of the neighborhood. There is no need to estimate the property
value, since this form is used in conjunction with Loan Prospector’s
Home Value models.
Summary Quantitative Analysis Appraisal Report
(Freddie Mac Form 2055/Fannie Mae Form 2055)
The 2055-streamlined appraisal report enables
your appraiser to quickly establish value and marketability by performing
an interior and exterior inspection or exterior-only inspection as specified
in your Loan Prospector feedback. Form 2055 relies on the sales comparison
approach to determine value, eliminating the cost and income valuation
methods from the assessment.
Traditional appraisal report, including Uniform
Residential Appraisal Report Form 70, Form 72 or Form 465
Freddie Mac will continue to require a comprehensive
appraisal report when income and cost valuation methods are needed to
establish value and marketability.
