Making Necessary Changes to Loan ProspectorUpdated June 2, 2008
As part of our ongoing maintenance, we review Loan Prospector and make periodic changes as necessary. On June 15, we implemented our latest changes to Loan Prospector and will introduce several new Loan Prospector credit risk feedback messages associated with these changes.
Important things to keep in mind regarding the recent changes:
- The updated model will apply only to new submissions to Loan Prospector.
- The updated model will not apply to resubmissions of loans assessed prior to our implementation. Loan Prospector will use the previous version of the model to process these resubmissions.
- Some submissions that may have received an Accept using the previous model may receive a Caution; and those that may have previously received a Caution may receive an Accept.
- The net impact of these changes will vary based on your individual mix of business, but is not expected to significantly change the rate of Accepts you typically receive.
- No new data elements will be required in Loan Prospector.
Please remember, as always, an accurate property address is important, including the city, state, and zip code. Provide as much property address information as possible during the loan assessment.
To help you assess and determine your next steps during your loan assessment process, we introduced the following new Loan Prospector credit risk feedback messages:
| Category | Code | Message Text (New/Revised) |
| Credit Risk Comments (RSK) | 88 | Loan amount combined with other factors adds risk. |
| 89 | Risk may be reduced w/fixed rate or shorter fixed loan term. | |
| 91 | Addtl income or reduced debt may strengthen loan quality. | |
| 92 | Property type adds risk when combined with other factors. | |
| 93 | A more extensive credit history may lower risk. | |
| 94 | Collection(s) and/or charge off(s) shown on credit report. | |
| 95 | Recent collection activity combined with other factors. | |
| 96 | Excessive risk layering-credit/property/income/product/debt. | |
| 99 | Occupancy type adds risk when combined with other factors. | |
| Invalid Messages (INV) | CH | LTV/TLTV less than 1% is not valid. |