Expanding Homeownership Opportunities Through Loan Prospector
[June 26, 2006]
In addition to these latest enhancements, we continually evaluate Loan Prospector, and make changes to Loan Prospector that expand homeownership opportunities for more borrowers. Changes we made to Loan Prospector in June 2005 and June 2006 may expand the number of Accepts you receive for loans serving low- and moderate-income borrowers, or borrowers living in underserved areas. Depending on your book of business, these changes may result in an overall increase in Loan Prospector Accept rates.
With these changes, be sure to keep in mind:
Many factors make the determination. Loan Prospector considers a wide range of factors, including the borrower's income, the location of the property in an underserved area, and the transaction's fit with special programs
Accurate data is crucial. An accurate address is important, and a change to the property address may change eligibility for certain affordable lending mortgage products, or qualification as a property located in an underserved area. As a result, a change in property address or borrower data could result in a change from Caution to Accept.
