Table of Contents
What is a loan Prospector?
Loan Prospector is an automated underwriting service that can provide the following: A quick decision concerning a loan’s eligibility for sale to Freddie Mac. A determination of the overall loan risks. An evaluation of the borrower’s credit and collateral to help complete the loan application underwriting.
What is Freddie Mac Product Advisor?
What is Loan Product Advisor? Loan Product Advisor is our enhanced automated underwriting system. It helps simplify your origination processes and provides you with greater certainty that your loans meet Freddie Mac eligibility requirements.
How do I check my Freddie Mac exclusionary list?
Access to the Exclusionary List. The Exclusionary List is updated at least monthly by Freddie Mac and is electronically available to Seller/Servicers at https://sf.freddiemac.com/fmel(opens in new window) and through various Freddie Mac systems, including Freddie Mac Loan Advisor®.
Is LP Fannie or Freddie?
Fannie Mae uses the automated underwriting system called Desktop Underwriter or DU, while Freddie Mac uses the AUS called Loan Prospector or LP. Both of these systems do similar functions. They are the systems that lenders submit a home buyer’s information to for automatic approval.
What is a loan Prospector ID?
A unique identifier assigned to a Mortgage by Loan Prospector when the Mortgage is first submitted to Loan Prospector. The Key Number is returned to the Seller on the Feedback Certificate and is used by the Seller and Freddie Mac to identify an individual Mortgage.
What is the appraisal identifier in loan Prospector?
The Appraisal Identifier is the Document File Identifier (Doc File ID) that you receive from the UCDP. Please make sure the Appraisal Identifier in the selling system matches the Doc File ID in the UCDP and that the UCDP submission receives a “successful” status.
What is MAF on LPA?
Note: The optional Loan Processing Stage field indicates the point in the loan origination process at which the loan is being sent for assessment. You will not receive Minimum Assessment Feedback (MAF) in stage 1 (Prequalification).
What is an exclusionary list?
Exclusion List 101 an overview. In a nutshell, the OIG’s LEIE (Exclusion List) is where individuals and entities currently excluded from participation in Medicare, Medicaid and all other Federal health care programs, can be found.
How do I find my Freddie Mac TPO number?
Your company’s seven-digit TPO number:
- If you don’t already have a TPO number, you’ll get one by completing this registration.
- If you’re not sure you have a TPO number, contact the Customer Support Contact Center (800-FREDDIE). Please have your Tax ID number.
How long is an appraisal good for Freddie Mac?
120 days
The effective date of the appraisal report must not be more than 12 months prior to the Note Date of the subsequent transaction. When the effective date of the appraisal is more than 120 days prior to the Note Date of the subsequent transaction, an appraisal update is required.
What is a 10 day PCV?
10-day pre-closing verification (10-day PCV) The 10-day PCV, when required, must either be obtained no more than 10 Business Days prior to the Note Date, or after the Note Date but prior to the Delivery Date.
Is Freddie Mac still in business?
Today it is a shareholder-owned company that operates under a congressional charter. Freddie Mac was chartered by Congress in 1970 as a private company to likewise help ensure a reliable and affordable supply of mortgage funds throughout the country.
Why was my loan sold to Freddie Mac?
It’s common for lenders to sell home loans to another company, including Freddie Mac. This practice allows lenders to make more home loans. If you received a letter titled “Borrower Notification: Freddie Mac Has Purchased Your Mortgage Loan,” don’t be alarmed.
Does Freddie Mac require earnest money?
When cash deposit on sales contract (earnest money) is entered in Section VI Assets, DU does not consider it liquid. Therefore, in order to give the borrower credit for earnest money that is not already reflected in a liquid account, the lender must enter the earnest money amount as follows:
Are Freddie Mac small balance loans assumable?
Like all other types of Freddie Mac Multifamily financing, loans offered through the Freddie Mac SBL program are fully assumable, with approval and a 1% fee. The fact that these loans are assumable is ideal for borrowers, as they can simply pass on the loan to the next owner of the building, instead of paying a prepayment penalty.
What are the requirements for a Freddie Mac loan?
FHA loan — Requirements: 3.5% down,580 FICO credit score minimum,43% DTI ratio maximum
What does it mean if Freddie Mac owns my mortgage?
What does it mean if Freddie Mac owns my mortgage? Freddie Mac Owns Your Mortgage. If Freddie Mac owns your mortgage, then your lender must have sold it to Freddie Mac — or sold it to an investor that eventually did. This is nothing to be alarmed about. In fact, it’s kind of a vote of confidence in you. What is the Freddie Mac home possible loan?