Free Loan Prospector® Conventional/Conforming Loan Prospector SubmissionsAssess all of your borrowers up-front using Loan Prospector
We're creating more opportunities for you to make every borrower an opportunity by eliminating the Loan Prospector transaction fee, for all conventional/conforming submissions that receive a Loan Prospector Caution risk class on the first submission. With this Freddie Mac advantage, you'll have a tangible cost-savings when you use Loan Prospector as your first point in assessment for almost all your borrowers, including those with complex financial circumstances or histories.
With free Loan Prospector Caution submissions you have:
- More reasons for assessing all of your borrowers up-front using Loan Prospector, including those with weak credit histories, low- and moderate-income and underserved borrowers.
To start making the most of this advantage today, be sure to keep in mind the following important points:
- Assess Loan Prospector transaction fees on the first submission to Loan Prospector, and generate a unique Loan Prospector Key Number on this first submission that we use for fee assessment purposes.
- Resubmit an Accept mortgage and it receives a Caution risk class on subsequent resubmissions, you'll still be assessed the Loan Prospector transaction fee, regardless of the reason that the risk class changed from Accept to Caution.
All other Loan Prospector-related fees still apply, including those fees for:
- Merged Credit Reports ordered through Loan Prospector (assessed by CRCs)
- MergedCredit Reference Numbers used in Loan Prospector
- Property Inspection Alternative
- Transaction fees for Loan Prospector submissions that receive an Accept risk class on first submission
- Transaction fees for Loan Prospector submissions for FHA/VA mortgages and jumbos, regardless of risk class