How did Freddie Mac notify customers
that LP Classic is retiring?
The first announcement that we're retiring LP Classic on March
31, 2006 was made via a press release at the MBA Annual Conference in
October 2004. We followed that with an article in our e-mail news service
and posted information on LoanProspector.com.
Why are you retiring
LP Classic?
LP Classic is a legacy technology that is not capable of the same
flexibilities and enhancements as LoanProspector.com. Because of this,
we are not able to offer the same functionality enhancements to LP
Classic customers that our LoanProspector.com customers are getting.
By moving all customers to our internet-based platform, LoanProspector.com,
we will be able to offer more features and functionality and better support
all of our customers.
Who needs to transition to LoanProspector.com?
Everyone currently using LP Classic will have to transition to
LoanProspector.com prior to March 31, 2006.
What support can Freddie Mac provide during
my transition?
Loan Prospector technology sales representatives are always available
to answer questions and provide direction. In addition, our online Transition
Center at www.LoanProspector.com/transition provides
support through step-by-step instructions, frequently asked questions,
and links to relevant training.
How is LoanProspector.com different from LP
Classic?
Because LoanProspector.com is Internet-based, it gives you more flexibility
to work how you want without the need to rekey loan data. LoanProspector.com
enables access to your data from multiple platforms, systems and business
partners. In addition, LoanProspector.com provides ongoing enhancements
such as:
Merged Credit
Options – Enabling you to use a Reference Number to access
merged credit reports previously ordered from a participating credit
reporting company. And, to order merged credit either inside or outside
of LoanProspector.com, before submitting your loan for assessment.
Enhanced Feedback
– LoanProspector.com collects more specific data elements and therefore
is able to provide more detailed and better-organized feedback for better
decision-making.
Will my fees/invoice change?
Your fee will remain the same if you continue to use credit in-files
for your loan assessment. However, if you order merged credit from a
participating Loan Prospector CRC, or use a Reference Number in LoanProspector.com,
your LP assessment fee will be reduced to $15. You will continue getting
the same monthly Loan Prospector invoice.
Transitioning
How do I transition from
LP Classic to LoanProspector.com?
Your transition plan will depend on your current Loan Prospector access
method and loan origination system (LOS) vendor. You can start planning
your transition process with the following two steps:
Contact your LOS vendor to discuss timing and availability of their
verified interface.
Call (800) FREDDIE or your LP technology sales representative to
discuss your transition plan and learn more about transition support
and resources available to you.
How do I access LoanProspector.com?
You can access LoanProspector through your LOS or directly on the internet
by typing in the www.LoanProspector.com URL. For more information about
the access options, call your Loan Prospector technology sales representative.
Which LoanProspector.com access
method is best for me?
LoanProspector.com is internet-based and offers several access options
to meet your needs.
System-to-system – If you want your process to be very
similar to your current LP Classic process – you enter
loan data into your LOS and receive feedback in your LOS without ever
seeing Freddie Mac’s Loan Prospector interface. We recommend that
you transition to the system-to-system access method.
Direct via browser – If you want to just type in the URL
www.LoanProspector.com and enter your loan data directly into the LoanProspector.com
interface using the data entry screens, so you receive your feedback
in LoanProspector.com, we recommend that you transition to the “direct
via browser” access method.
Browser via LOS – If you want to enter and maintain your
loan data in your LOS/system of record, but you prefer to receive your
feedback in the Loan Prospector interface, the “browser via LOS”
access method might be best for you. With this method you enter your
loan data in your LOS and the data files are imported into LoanProspector.com.
Assessment results will be returned to you in LoanProspector.com and
depending on your LOS you may then export them back into your LOS.
If you’re still not sure which access method is best for you, contact
your Loan Prospector technology sales representative to discuss your options
in more detail.
Will I be able to test LoanProspector.com before
I transition?
Yes. If you would like to test LoanProspector.com before you implement
it, familiarity testing will be available. Contact your LP technology
sales representative for more information or to request access to the
test environment.
What will happen to my LP Classic pipeline
loans after March 31, 2006?
For your pipeline loans, you have several options when you transition from LP Classic to LoanProspector.com. You can:
Complete processing in LP Classic by March 31.
Resubmit loans originated through LP Classic through LoanProspector.com after your transition. When you resubmit an LP Classic pipeline loan to LoanProspector.com, your LOS will automatically take the data from the loan record in your LOS and build a request file in the new format. When you resubmit pipeline loans, be sure to include the LP AUS Key Number to avoid incurring additional fees.
Or, complete resubmit loans originated through LP Classic loans by resubmitting the loan through the LoanProspector.com web browser, www.LoanProspector.com, after March 31. For this option, you’ll need to use the LP AUS Key Number from the original transaction in LP Classic to avoid incurring additional fees. Only loans that have been resubmitted following this process will be available in LoanProspector.com. In order to use this method, all employees within your organization who will need to access Loan Prospector via the browser must have individual User Names and passwords. In order to use this method, you must sign up for Loan Prospector User Names and passwords for all individuals within your organization that will need to use Loan Prospector. Sign up for Loan Prospector User Names and passwords.
Third Party Relationships
I'm a wholesale lender. How will transitioning
to LoanProspector.com improve integration with my brokers and correspondent
lenders?
Transitioning to LoanProspector.com will give you more flexibility and
enable you to easily share data electronically with your brokers, mortgage
service providers (MSPs) and correspondent lenders. LoanProspector.com
may act as the common platform from which all parties involved in the
loan can submit and transfer data. You'll be able to use the data your
broker or correspondent lender enters by importing it from LoanProspector.com
into your system of record. When all parties share data you can be confident
that data integrity is improved and greater efficiencies can be realized.
I'm a broker/correspondent lender.
How will my wholesaler's transition impact my current business process?
If you currently submit loans through an LOS using a wholesaler's seller/servicer
number you will not be able to continue doing so after your wholesaler
transitions to LoanProspector.com because the sponsorship model is different.
Your process for sharing data with your wholesaler will depend on their
new business process and how you access LoanProspector.com. Contact your
wholesaler now to discuss changes in your business process.
I'm a broker/correspondent lender. My wholesaler
pays for the LP assessment on loans I originate. Will our arrangement
change as a result of transitioning to LoanProspector.com?
Contact your wholesaler to discuss how they want to work with you after
the transition.
I use a third-party mortgage service provider
to process my loans. Will they need to transition to LoanProspector.com?
Yes. Please contact your mortgage service provider to discuss timing
and how you will work together after the transition.
Can I use an existing GoldWorks® leased
line with multiple loan origination systems?
Yes. Existing leased lines can be used with multiple loan origination
systems.
