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Loan Prospector® Outreach

Mortgage-Readiness Assessment for Housing Professionals

Loan Prospector® Outreach September 23, 2012, Release

On September 23, 2012, we are updating the Loan Prospector® Outreach system to reflect previously announced requirement changes. These changes are effective for all submissions and resubmissions on and after September 23, 2012, and include:

  • Changing the names of the Home Possible® Mortgage product offerings and adding revised feedback messages to reflect the changes. The name changes are being made to align with previously announced credit underwriting changes.
  • Removing the Alt 97® Offering Identifier 210 due to the retirement of this mortgage offering.
  • Removing the new construction value of “Newly Built” option from the system for conventional loans as a result of previously announced documentation requirement changes.

September 23, 2012, Updates to the Names of Home Possible Mortgage Offerings
As previously announced, we reduced the maximum loan-to-value (LTV), total LTV (TLTV), and Home Equity Line of Credit TLTV (HTLTV) ratio requirements to 95 percent for all conventional mortgages we purchase.

To align with this credit underwriting change, the Loan Prospector Outreach September 23 updates will include changes to the following Home Possible Mortgage product names:

Offering Identifier Old Name New Name
241 Home Possible 97 Home Possible

243

Home Possible 97 Neighborhood Solution Home Possible Neighborhood Solution

The following revised feedback messages will be received, as applicable, for submissions and resubmissions of Home Possible Mortgages in Loan Prospector Outreach on and after September 23:

Message Code Feedback Messages
ELV 36 'Number of Units' must = 1 or 2 for Home Poss NH Solution.

ELV 37

3-4 unit property with LTV>95% not eligible for Home Poss.

ELV 40

Manufact Home must = 1-unit for Hm Poss/Hm Poss NH Solution.

ELV 43

ARMs ineligible for Home Possible 3-4 unit properties.

LPR JM

This loan was submitted as Home Possible NH Solution.

LPR JK

This loan was submitted as Home Possible.

PUR 41

1 mo reserves required for Hm Poss NH Solution may be a gift.

PUR 42

Two months reserves required for Home Possible (2-4 unit).

Removal of Offering Identifier 210 for Alt 97 Mortgage
The Alt 97 Offering Identifier 210 will be removed from Loan Prospector Outreach to align with the changes to eligible sources of borrower funds announced in March 2012. The Alt 97 Mortgage offering is being retired, effective for mortgages with settlement dates on and after August 1, 2012.

On and after September 23, you will receive the following new feedback message, as applicable, for submissions and resubmissions through Loan Prospector Outreach using the offering identifier 210 Alt 97:

Message Code Feedback Messages
INV CP 'This Alt 97 product ineligible for delivery to Freddie Mac.

Removal of New Construction Value of “Newly Built”
The new construction value of “Newly Built” will no longer be available through Loan Prospector Outreach for conventional loans to align with documentation requirement changes announced in February 2012.  On and after September 23, if “Newly Built” is selected in the new construction drop-down, Loan Prospector Outreach will return the following new feedback message:

Message Code Feedback Messages
INV CQ New Construction indicator(Newly Built) not valid for CONV.

Customer Support
If you have any questions about these updates, please contact Freddie Mac’s customer support line dedicated to Loan Prospector Outreach at 866-733-0446, Monday-Friday, 8:00 am-8:00 pm (EST).  Closed on New Year’s Day, Martin Luther King, Jr. Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas Day.

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