May 1 Retirement of Construction to Permanent Values in Loan Prospector[March 1, 2007]

On May 1, we retired the one closing, two closing and construction completed after application construction to permanent mortgage values in Loan Prospector. As of May 1, you can no longer submit or resubmit a loan using these construction to permanent mortgage values in Loan Prospector. You will receive the following "Invalid" message when you attempt to submit or resubmit a loan using these values.

	Message Code	New Messages
Newly Constructed Homes Message	Code: CG	Const to Perm loans ineligible for LP, please resubmit.

To help you manage the transition to the Mortgages for Newly Constructed Homes options in Loan Prospector, we provided you with helpful hints, based on how you access Loan Prospector, on how to handle new submissions, as well as resubmissions of loans previously submitted using our construction to permanent values in Loan Prospector.

Loan Prospector Access Method: System-to-System through a Loan Origination System (LOS)
Please follow these steps if: Your LOS is not updated with the latest version of Loan Prospector
New Submissions	Submit your loans for Loan Prospector assessment via our web browser access method using the new Mortgages for Newly Constructed Homes options and manually enter the loan data. Select the following fields on the "Loan Application Data" page in Loan Prospector to include the appropriate selection: Loan Purpose Type: Purchase or refinance New Construction Type: Select either Newly Built or Construction Conversion
Resubmissions	For resubmissions, you will need to use Loan Prospector's web browser access method, until you update your LOS to the latest version of Loan Prospector. Here's how: Enter the Loan Prospector Key Number directly into the browser and Loan Prospector will locate the loan. Manually change the following fields on the "Loan Application Data" page in Loan Prospector to include the appropriate selection: Loan Purpose Type: Purchase or refinance Loan Purpose Type: Purchase or refinance If you are using Loan Prospector's Merged Credit Report Options: Make sure to deselect the merged credit option when you resubmit. In order to take advantage of the extended 18-month credit period with Mortgages for Newly Constructed Homes using Loan Prospector's Merged Credit Report Options,you must deselect the merged credit report option on resubmission.
Please follow these steps if: You have updated to the latest version of Loan Prospector and need to resubmit loans previously submitted using our construction to permanent values in Loan Prospector
Resubmissions	Select following fields on the "Loan Application Data" page in your LOS to include the appropriate selection: Loan Purpose Type: Purchase or refinance Loan Purpose Type: Select either Newly Built or Construction Conversion If you are using Loan Prospector's Merged Credit Report Options: Make sure to deselect the merged credit option when you resubmit. In order to take advantage of the extended 18-month credit period with Mortgages for Newly Constructed Homes using Loan Prospector's Merged Credit Report Options, you must deselect the merged credit report option on resubmission.

Loan Prospector Access Method: Web Browser (one-way or two-way) through a Loan Origination System
Please follow these steps if: Your LOS is not updated to address the new Mortgages for Newly Constructed Homes options
New Submissions	After importing a loan into the browser from your LOS, you will need to manually change the following fields on the "Loan Application Data" page in the Loan Prospector to include the appropriate selection: Loan Purpose Type: Purchase or refinance New Construction Type: Newly Built or Construction Conversion
Resubmissions	Enter the Loan Prospector Key Number directly into the browser and Loan Prospector will locate the loan. Manually change the following fields on the "Loan Application Data" page in Loan Prospector to include the appropriate selection: Loan Purpose Type: Purchase or refinance New Construction Type: Select either Newly Built or Construction Conversion If you are using Loan Prospector's Merged Credit Report Options: Make sure to deselect the merged credit option when you resubmit. In order to take advantage of the extended 18-month credit period with Mortgages for Newly Constructed Homes using Loan Prospector's Merged Credit Report Options, you must deselect the merged credit report option on resubmission.
Please follow these steps if: You have an updated version of Loan Prospector and need to submit loans, or resubmit loans previously submitted using our older construction to permanent values in Loan Prospector
New Submissions	Select following fields on the "Loan Application Data" page in your LOS to include the appropriate selection: Loan Purpose Type: Purchase or refinance New Construction Type: Select either Newly Built or Construction Conversion
Resubmissions	Select following fields on the "Loan Application Data" page in your LOS to include the appropriate selection: Loan Purpose Type: Purchase or refinance Loan Purpose Type: Select either Newly Built or Construction Conversion If you are using Loan Prospector's Merged Credit Report Options: Make sure to deselect the merged credit option when you resubmit. In order to take advantage of the extended 18-month credit period with Mortgages for Newly Constructed Homes using Loan Prospector's Merged Credit Report Options, you must deselect the merged credit report option on resubmission.

Loan Prospector Access Method: Web Browser (Direct)
Please follow these steps if: You are using the web browser directly and need to resubmit loans previously submitted using our older construction to permanent values in Loan Prospector.
Resubmissions	Enter the appropriate selections for the following fields on the "Loan Application Data" page: Purpose of Loan Field: Purchase or refinance New Construction Fields: Newly Built or Construction Conversion If you are using Loan Prospector's Merged Credit Report Options: Make sure to deselect the merged credit option when you resubmit. In order to take advantage of the extended 18-month credit period with Mortgages for Newly Constructed Homes using Loan Prospector's Merged Credit Report Options, you must deselect the merged credit report option on resubmission.

Loan Prospector Access Method: Web Browser (Direct)

Please follow these steps if:

You are using the web browser directly and need to resubmit loans previously submitted using our older construction to permanent values in Loan Prospector.

Resubmissions

Enter the appropriate selections for the following fields on the "Loan Application Data" page:
- Purpose of Loan Field: Purchase or refinance
- New Construction Fields: Newly Built or Construction Conversion
If you are using Loan Prospector's Merged Credit Report Options: Make sure to deselect the merged credit option when you resubmit. In order to take advantage of the extended 18-month credit period with Mortgages for Newly Constructed Homes using Loan Prospector's Merged Credit Report Options, you must deselect the merged credit report option on resubmission.