With our latest enhancements to Loan Prospector®, we're making it even easier for you to assess more loans, of more types, for more borrowers in Loan Prospector.
On November 19, we updated Loan Prospector to:
Allow Loan Prospector to assess Department of Veterans Affairs (VA) 5/1, 7/1, and 10/1 ARMS with the higher life-of-loan and periodic rate limits announced in June 2006.
Other Loan Prospector Enhancements
Our November enhancements also include:
Updating Loan Prospector Feedback Messages to Match Recent Home Possible Enhancements. On June 26[PDF], we announced enhancements to Freddie Mac's Home Possible Mortgages to take you deeper into new markets. When we announced these enhancements in June, we asked you to disregard several Loan Prospector feedback messages that did not reflect these changes. We have updated Loan Prospector's feedback messages to accurately reflect the following Home Possible enhancements announced in June:
Eliminating of borrower contribution requirements for 1-unit primary residences (excluding manufactured homes).
Eliminating the homeownership education requirements for 1-unit purchase transactions
We also updated Loan Prospector to allow you to assess Home Possible Mortgages secured by 1-unit primary residences with 2/1 temporary subsidy buydowns, as announced in our October 6 Guide Bulletin[PDF]
Allowing assessment of Department of Veteran's Affairs ARMs with increased caps. We updated Loan Prospector to include increased Department of Veterans Affairs (VA) initial adjustment period (IAP) and periodic adjustment caps on 5/1, 7/1, and 10/1 ARMS. On June 15, 2006, the VA increased periodic rate caps on VA 5/1, 7/1, and 10/1 ARMs from their current 1% limit to 2%.
Additional changes based on your requests. We updated Loan Prospector to make minor modifications based on feedback from our customers, including net rental income calculations and enhanced error messages related to merged credit reports.
Freddie Mac's recently announced 'Mortgages for Newly Constructed Homes' could enable you to originate more loans to borrowers with newly built homes, preparing for construction conversion, and those in need of home renovation funds. Attend this 90-minute interactive web conference to get the details you need to get started now.
