Free Conventional/Conforming Caution Submissions on First Submission – an Exclusive Freddie Mac Advantage[June 26, 2006]
Beginning August 1, we're eliminating the Loan Prospector transaction fee (in most cases $20) for all conventional/conforming submissions that receive a Loan Prospector Caution risk class on the first submission. With this Freddie Mac exclusive advantage, you'll have a tangible cost savings when you use Loan Prospector as your first point in assessment for almost all your borrowers, including those with complex financial circumstances or histories.
Remember:
- We assess Loan Prospector transaction fees on the first submission to Loan Prospector, and generate a unique Loan Prospector Key Number on this first submission that we use for fee assessment purposes.
- If you resubmit an Accept mortgage and it receives a Caution risk class on subsequent resubmissions, you'll still be assessed the Loan Prospector transaction fee, regardless of the reason that the risk class changed from Accept to Caution.
In addition, please keep in mind that all other Loan Prospector-related fees still apply, including those fees for:
- Merged Credit Reports ordered through Loan Prospector
- Merged Credit Reference Numbers used in Loan Prospector
- Property Inspection Alternative
- Transaction fees for Loan Prospector submissions that receive an Accept risk class
- Transaction fees for Loan Prospector submissions for FHA/VA mortgages and jumbos, regardless of risk class
Look for full requirements and effective dates
Check out our June 26 Single-Family Seller/Servicer Guide (Guide) Bulletin for more details.
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