Support Your Business
and Increase Your Efficiency in the Wholesale Channel
LoanProspector.com provides choice and flexibility to support how third-party
originators (TPOs), and wholesale lenders work together by offering
greater efficiencies and improved data quality control.
With the flexible features of the Loan Prospector® assignment process, enables both TPOs and wholesale lenders to effectively manage how you work together in the wholesale channel. Wholesale lenders can provide outstanding customer service to their business partners, and TPOs, can easily share access to loan data with their wholesale lenders.
With your TPOs using the Assignment feature, you
can better manage delivery fees by ensuring that loans you deliver to
Freddie Mac match the final Loan Prospector submission. Once you receive a final assigned
loan, you know it is yours to process and only you or your mortgage service
provider (MSP) can modify it, unless you Release it back
to the TPO.
How Third-Party Originators Benefit
You can receive a Loan Prospector assessment before assigning
the loan to a wholesaler lender, which means you can submit a variety of scenarios
to find the right loan and then assign it to the appropriate wholesale
lender. Then use the Assignment feature to notify the wholesaler lender
that your work is completed.
How It Works
Wholesale Channel Tracking Features
TPOs and wholesale lenders may alternate working on
loans with the Assignment
and Release features. In addition, LoanProspector helps keep you updated
of the assignment status of each loan with these tracking features:
Assignment Log – For each loan identified by the Loan Prospector Key
Number, indicates the parties that released or are assigned the loan.
Unviewed Assigned/Released Loans – Lists loans that have
been assigned or released within the past 14 days that you have not
yet viewed; indicates the current assignment or release status.
Assignment Information Section – On the full Loan Prospector Feedback
Certificate, names the TPO's company that assigned the loan and the
wholesale company that received the final assigned loan.
TPOs can assign loans to wholesale
lenders using these LoanProspector.com features:
Initial Submission
The TPO works on the loan and submits the loan to Loan Prospector.
The TPO can make an assignment on a loan only one wholesale lender at a time.
The wholesale lender can view the loan’s risk class on the assignment log.
Final Assignment
When done editing data and submitting to Loan Prospector, the TPO transfers modify access on the loan to the selected wholesale lender by selecting the Final Assign feature.
The wholesale lender must resubmit the loan to view credit data and the Loan Prospector Feedback Certificate.
The wholesale lender can modify loan data and rescore the loan to receive a new Loan Prospector Feedback Certificate that reflects changed data.
The TPO can still view the loan data and any edits made by the wholesale lender.
Wholesale lenders can release loans back to the assigning TPOs
with these LoanProspector.com features:
Modify Release
The wholesale lender can use this option to temporarily transfer modify access back to the TPO.
The wholesale lender can view loan data and the edits made by the TPO.
The TPO must final assign the loan back to the same wholesale lender.
Full Release
The wholesale lender can use this option to fully return the loan back to the TPO.
The wholesale lender can no longer view or modify the loan.
The TPO receives the originally assigned loan data file to edit, submit to Loan Prospector and
assign to any wholesale lender.
