Enhancements Provide You with Solutions for More of Your Business
Needs
[September 13, 2005]
On September 18, we're updating Loan Prospector® with our latest set of
enhancements. Based on ongoing feedback from you, our changes provide you with
additional flexibility and solutions for more of your business needs.
Our enhancements include:
Providing More Merged Credit Report Options: You'll now be able
to submit loans to LoanProspector.com using multiple Reference Numbers, making
it easier for you to assess loans with several borrowers in Loan Prospector.
With the capability to use up to five Reference Numbers, both joint and single,
you can use Loan Prospector for more of your borrower scenarios, including
conventional and Federal Housing Administration (FHA) loans. Learn
more.
Enabling Loan Prospector to Assess Transactions Where There are Two
or More Borrowers and Not All Borrowers Have a Usable Credit Score: We're
updating Loan Prospector to enable it to assess a transaction with two or
more borrowers, if at least one borrower has a usable credit score, as determined
by Loan Prospector. Currently, in order to assess a transaction, Loan Prospector
requires that all borrowers have a usable credit score. Learn
more.
Offering More VA Product Choices: We're updating Loan Prospector
to make it even easier for you to access VA loans in Loan Prospector with
the following changes:
Adding the VA 1-year and VA hybrid 3/1, 5/1, 7/1, and 10/1 ARMs to
Loan Prospector.
Updating LP to support the recent VA loan limit changes by automatically
calculating the appropriate loan limits for all VA loans. The VA recently
increased their loan limit guarantee to insure VA loans up the Freddie
Mac limit, which is currently $359,650 for 1-unit primary residences.
This change makes it easier for you to process VA loans through LP, without
any action or additional calculation required by you.
Updating Loan Prospector Feedback Messages: We're updating several
Loan Prospector feedback messages to provide you with additional guidance
regarding Freddie Mac's policies for flexible mortgage insurance options available
in Loan Prospector. Our changes reflect the following guidelines in Freddie
Mac's Seller/Servicer Guide (Guide):
Property types eligible for Custom MI.
Mortgage types eligible for Reduced MI
You'll find complete details in the Guide on our Custom MI and Reduced MI offerings:
