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Freddie Mac

Upcoming Changes Make Loan Prospector
Even Easier to Use

[January 30, 2006]

We're continually refining the options and functions available in Loan Prospector to make it even easier for you to use. On February 5, we'll implement our latest changes to Loan Prospector. If you're accessing Loan Prospector via our web browser, www.LoanProspector.com, you'll see the following changes:

  • Updated Credit Reporting Company Names. Two Loan Prospector participating credit reporting companies (CRCs) have recently changed names. On February 5, we'll update Loan Prospector to reflect the following name changes:
    • Fidelity National Credit Services to LSI Credit Services.
    • CBC Companies to CBCInnovis, Inc.

  • A New Data Field for "Months at Residence". To allow you to more accurately capture your borrowers' residency duration, we're adding a new data field for you to enter the duration in months, in addition to years. You'll find this new data field in the Loan Application Data page, in the Borrower Information section.
  • A Revised "LP Credit Expiration Date" Field Name. On the LP Full Feedback Certificate, in the Credit Report Information Section, we're revising the "LP Credit Expiration Date" field name to read "LP Assessment Expiration Date". The "LP Assessment Expiration Date" will continue to provide you with the date the assessment will expire (120 days from the date credit was first obtained, if existing construction or one close construction to permanent mortgage, or 180 days if a two closing construction to permanent mortgage or construction of mortgaged premises completed after application).
  • The "Age" Field is No Longer Required. We're removing the "Age" field in the Borrower Information Section of Loan Prospector. You'll now need to enter only the borrower's date of birth.
  • The "Documentation Class" Field is No Longer Available. Previously, we introduced the Documentation Level field in Loan Prospector to further streamline your process by incorporating the content of the Documentation Class field and the messages found under the Documentation Guidelines section of the Full Feedback Certificate. Going forward, please use the Documentation Level field to determine the loan's documentation requirements. The Documentation Level field will provide you with one of the Documentation Levels listed in the Conventional/Conforming Documentation and Underwriting Matrix. [PDF 452K]

Also, starting February 5, in order to assign a loan in Loan Prospector, you will be required to first assess the loan. Only loans that have been assessed in Loan Prospector and have valid feedback will be available for assignment to a wholesale lender.

These changes apply only to the web browser access method of Loan Prospector, available through www.LoanProspector.com. If you plan to export loans assessed in the web browser to your loan origination system (LOS), your LOS may not currently have the ability to transfer the information associated with these changes. We are working with LOS vendors to update their systems to accommodate these changes and to incorporate them into our system-to-system access method.

LP Classic® will not be updated with these changes. LP Classic is our legacy interface and will be retired on March 31, 2006. If you haven’t transitioned to LoanProspector.com yet, it’s important you begin immediately in order to start enjoying the many additional features only available in LoanProspector.com. Find out more about transitioning to LoanProspector.com.