Loan Prospector November 22 Release
New Technical Affiliate Field Enhances Merged Credit Report Options October 30, 2009
As part of our ongoing effort to improve our merged credit report options, on November 22 Loan Prospector® will be updated with a new technical affiliate name field. The new technical affiliate name field provides you with a more effective way to request new merged credit, or use a previously obtained Merged Credit Reference Number (MCRN) from a sponsored technical affiliate.
Using Technical Affiliate Identifiers in Loan Prospector
Located in the “Order Merged Credit” section on the “Request Services” page in Loan Prospector, the new technical affiliate name field provides a drop-down menu, in alphabetical order, of the available technical affiliate names for each credit reporting company (CRC). Beginning November 22, when assessing initial submissions and resubmissions in Loan Prospector, be sure to follow these steps:
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Initial Submissions – Select the technical affiliate from the drop-down menu in Loan Prospector to request merged credit or to use a MCRN.
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Resubmissions – Select the technical affiliate name in Loan Prospector, along with the corresponding CRC. If you already have a MCRN, you should include the MCRN from the previous submission when you resubmit. You may add a technical affiliate to a pipeline loan upon resubmission. Use this guidance for resubmission with Reorder Credit Service also.
Note: A CRC may charge a re-issue fee on resubmissions when adding a technical affiliate on or after November 22.
Currently the only CRC supporting this enhancement is Equifax Mortgage Solutions (EMS). As a result, you can only use the new technical affiliate name field if you select EMS as your CRC to request new or re-access existing merged credit reports. If you are requesting merged credit through the Loan Prospector browser access method you will be unable to view the technical affiliate field unless you select EMS as your CRC. You must have an established agreement with EMS and the technical affiliate to request merged credit from EMS and the participating technical affiliate. Contact the technical affiliate(s) directly to establish an agreement.
Important Information About Requesting Merged Credit in Loan Prospector
Depending on how you request merged credit in Loan Prospector, please keep in mind the following important information:
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Wholesale lenders – Contact your loan origination system (LOS) vendor to determine when this technical affiliate field will be available in your system. All LOS vendor systems must be updated with this field by December 31, 2009.
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Third-party originators accessing Loan Prospector using our:
- Browser Access Method – If you request merged credit via LoanProspector.com, the technical affiliate field will be available for selection on November 22.
- System-to-System Access Method – If you request merged credit through a wholesale lender LOS, please check with the wholesale lender for availability of this feature. You should also verify with your participating wholesale lender the technical affiliates they have established relationships with.
After November 22, if you are accessing Loan Prospector using the system-to-system access method, your system will continue to work as it does today until your LOS vendor updates your system.