New Optional Reorder Credit Service in Loan Prospector [October 16, 2007]
Loan Prospector's Reorder Credit Service is a new optional service, that allows you to request fresh credit infiles to be used in Loan Prospector for its assessment within an existing loan transaction. Available November 18, this option gives you the ability to request that a transaction be assessed only with new credit infiles for your borrower. At this time, this new functionality will only be available for use with credit infiles.
Selecting Reorder Credit Service in Loan Prospector
To get started using our new Reorder Credit Service, here are key factors to keep in mind:
If you select the Reorder Credit option in Loan Prospector you will incur a $4 fee for each request of fresh credit in Loan Prospector, and the credit repositories will identify your inquiry on the borrower's credit report.
The Reorder Credit option can be found on the Request Services page by Loan Prospector browser access method, and is also available by system-to-system access method. Please check with your loan origination system (LOS) contact for availability. The credit format available is credit infiles at this time.
The Reorder Credit option can be selected for one or more borrower(s) per loan transaction.
If you select the Reorder Credit option to request new credit in Loan Prospector, but the new credit does not reflect expected updates or has a negative impact to the assessment, the borrower cannot subsequently request to use the original credit.
The assessment expiration date for each borrower can be found in the Loan Processing Information section of the Loan Prospector Full Feedback Certificate.
Note: Loan Prospector uses infiles to assess a loan transaction, whether infiles or merged credit is requested. For more information on documenting the loan file with credit used, refer to the Freddie Mac's Single-Family Seller/Servicer Guide (Guide) Section 37.10 (h).
Important Information about the Reorder Credit option
Freddie Mac has no control of the credit data returned from the repositories for the borrowers and cannot guarantee that credit returned to the Loan Prospector user is the expected fresh credit reflecting borrower-requested updates from the credit repositories. Loan Prospector and the credit reporting companies have no influence on when the credit repositories update credit information for borrowers. You should inform your borrowers to work directly with the credit repositories to ensure that the credit data is updated before the Reorder Credit option is selected.
