Loan Prospector Mortgage Insurance Service Retiring

On October 1, 2006, Freddie Mac will retire the mortgage insurance service in Loan Prospector®. Since its inception, we've valued the Loan Prospector link with mortgage insurers and for many years the Loan Prospector mortgage insurance service was a useful value-add. However, based on current usage levels of the service and the changing needs of our customers, on October 1, 2006, we are retiring the mortgage insurance service in Loan Prospector.

Since we first announced the discontinuation of this service in September 2005, we've been working with service users to ensure they are prepared for the October 1 retirement. However, if you're still using Loan Prospector's mortgage insurance service, it's important that you:

• Print out and save any mortgage insurance details provided in Loan Prospector prior to October 1. Starting October 1, you will no longer be able to retrieve this information within Loan Prospector and will need to contact your mortgage insurance company directly to obtain this information if you haven't saved it separately.
• Work with your existing mortgage insurance representative to select an alternative method to obtain mortgage insurance. Alternatives include using the mortgage insurance feature within your loan origination system, if available, or working directly with your mortgage insurance provider via their website. A list of the mortgage insurance companies that currently participate in the Loan Prospector mortgage insurance service with their contact information is available below. You may also decide to use other industry mortgage insurance providers, as permitted in the Freddie Mac Single-Family Seller/Servicer Guide.

Beginning October 1, you will no longer see the option to select the MI service in Loan Prospector. After October 1, if you attempt to reassess any pipeline loans that you've used the MI service with, or change any data associated with pipeline loans, the data will not transfer to the MI companies. If you make any changes to pipeline loans, you'll need to work directly with your MI company to ensure they have the latest data.