Loan Prospector's Property Inspection Alternative
A Competitive, Cost-Effective Solution for More of Your Loans
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Loan Prospector's Property Inspection Alternative (PIA) is a robust model-based valuation option for your valuation and inspection needs. With PIA, you'll have a cost-effective, point-of-sale option for more of your loans, helping you further streamline your valuation and inspection process. For eligible mortgages, you'll receive relief from representations and warranties regarding value, condition and marketability for one single $50 delivery fee.
You also have the option of using Freddie Mac's Form 2070 as no-cost alternative to our PIA option. When you choose to use Form 2070, you’ll only be required to obtain an exterior inspection, saving your borrower time and money. What's more, you'll have more competitive solutions to offer your borrowers for more mortgage products and property types. Our simplified, easy-to-use PIA option replaces our current Loan Prospector No-appraisal Minimum Assessment Feedback (MAF) option.
Benefits
Loan Prospector's Property Inspection Alternative provides you with:
- Expanded Eligibility. You can use the PIA option for more of your loans, including conventional mortgages for 1-unit primary residences, as well as second homes and eligible condominium units. Use this option for purchase mortgages or no cash-out refinance mortgages with total loan-to-value (TLTV) ratios less than or equal to 90 percent.
- More Options. We also offer a no-cost alternative to the PIA option. If the loan is eligible for our PIA option, you can choose to either obtain a Form 2070, Loan Prospector Condition and Marketability Report, with an exterior-only inspection and no delivery fee, or our PIA option. With our modified Form 2070 requirements, you’ll only be required to obtain an exterior inspection, saving your borrower time and money.
- Streamlined Pricing. Our PIA option is available for one, flat $50 delivery fee. There's no longer a tiered fee structure, streamlining the fee process for your operations. There is no delivery fee if you use our Form 2070 option.
- Greater Ease of Use. Taking advantage of our PIA option is simple; for every submission to Loan Prospector, the system will automatically check for PIA eligibility. If the submission is eligible, Loan Prospector will return a feedback message. If you receive this feedback message, you can choose to obtain a Form 2070 with an exterior-only inspection, or take advantage of the PIA option.
Important Tips When Using PIA
If you receive a feedback message indicating that the loan is PIA-eligible, you may choose to obtain a Form 2070 with an exterior-only inspection, or take advantage of the no-appraisal-no-inspection option:
- To sell us a loan originated using the PIA no-appraisal-no inspection option, you must provide SCC 357 on Form 11 (Mortgage Submission Schedule) or Form 13SF (Mortgage Submission Voucher), as applicable. You will be assessed a $50 delivery fee.
- To sell us a loan originated using the Form 2070 option, you must provide SCC 903 on Form 11 (Mortgage Submission Schedule) or Form 13SF (Mortgage Submission Voucher), as applicable. You will not be assessed any PIA-related delivery fee.
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