Transitioning Loan Prospector's Merged Credit Report Option Billing to the Credit Reporting Companies
[January 4, 2008]

To assist you with reconciling your Freddie Mac Loan Prospector invoice, effective January 1, we transitioned the invoicing of new merged credit fees, including Reference Number fees, from your monthly Loan Prospector invoice sent by Freddie Mac to the monthly invoice you receive directly from the credit reporting companies (CRC).

Transitioning Your Loan Prospector Merged Credit Report Option Fees

On January 1, all Merged Credit Report Option fees ordered in Loan Prospector are billed to you directly from your selected CRC. Freddie Mac transitioned the invoicing of Loan Prospector's merged credit fees from your monthly Loan Prospector invoice to the CRCs monthly bill.

You will receive your monthly merged credit fees ordered through Loan Prospector, including Reference Number fees and your current CRC fees in one bill directly from the CRC during the first billing cycle after January 1, 2008. This will also include any new secondary use fees, when and where applicable. These fees may vary, according to the CRC used, number of borrowers and whether single or joint merge is indicated.

Increasing the accuracy and flexibility of your Loan Prospector billing process.
This billing transition will make your accounting and reconciliation process easier by streamlining your Loan Prospector invoice to include only your automated underwriting service (AUS) fees. You can also work directly with your selected CRC to explore additional billing options and various payment methods.

Preparing for the Billing Transition

To help you with the Loan Prospector billing transition we're providing you with helpful tips to ensure you receive your bill directly from your selected CRC in a timely fashion. You need to contact your CRC to:

• Confirm merged credit report pricing with your CRCs. The CRCs are required to incorporate the Loan Prospector merged credit (and any Reference Number fees) into their current billing process. Check with your selected CRCs for the price and applicability of their fees. The fees may vary, according to the CRC used, number of borrowers and whether single or joint merge is indicated. Any questions regarding Merged Credit report pricing, including the amount and timing of new secondary use fees should be directed to your CRC(s).
• Confirm Loan Prospector data identifiers. With this billing transition, you should still receive the key Loan Prospector information you need to help you reconcile your bill. The CRCs are required, at a minimum, to incorporate the following Loan Prospector data fields into their invoices:
  • Loan Prospector AUS Key Number
  • Loan Origination System (LOS) Loan Application Number
  • Merged Credit Reference Number
• Freddie Mac will send data fields to the CRCs to help with the billing transition. The exact number of data fields, and their location, may vary by CRC and by invoice method (hard copy vs. electronic). If you have additional needs for data beyond what is displayed on the your CRC invoice, please contact your CRC directly to discuss. Here are the data fields that will be sent to the CRCs:
  • LP.com User ID,
  • Vendor ID,
  • Loan Prospector ID,
  • Transaction ID Number,
  • Branch number.
• Make sure your contact information is accurate with the CRCs. To ensure you receive your bill directly from your selected CRCs in a timely fashion, it's important that the CRC has your accurate contact information. If you already have an agreement with a CRC in place, make sure the billing contact, including payment information they have for you is accurate. It's suggested that you have agreements with more than one CRC to ensure no service interruption to your business.
• Establish CRC agreements. New CRC customers who don't already have a CRC agreement in place, will need to contact one of Loan Prospector’s participating CRCs to establish an agreement before using our merged credit report options.
• Existing CRC Customers. Although you have an existing relationship with a CRC, in order to use Loan Prospector's Merged Credit Report options, you have to activate your account to access merged credit reports and Reference Numbers through Loan Prospector. Follow these instructions [PDF 15K] to have your account activated in Loan Prospector.

Contact CRCs for Questions

Beginning January 1, 2008, if you have questions or issues about your merged credit charges, you'll need to contact the billing contact at your selected CRC directly. The billing contacts are:

For more information

• Review all our latest changes to Loan Prospector [PDF 98K]