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Loan Prospector® Outreach

Mortgage-Readiness Assessment for Housing Professionals

Frequently Asked Questions

  1. How does Loan Prospector Outreach work?
  2. What steps are involved in the assessment process?
  3. How much does Loan Prospector Outreach cost?
  4. How can a housing counseling agency or lender sign-up for Loan Prospector Outreach?
  5. What mortgage products are available for assessment?
  6. What are the hardware and software requirements for Loan Prospector Outreach?
  7. What kind of support is available for the participating housing counselors and lenders?
  8. What kind of reference tools and resources are available?
  9. What are the customer service hours of operation?
  10. What are the Loan Prospector Outreach system hours of operation?
  11. Who should I contact if I still have questions?

  1. How does Loan Prospector Outreach work?

    The client will make an initial contact with a housing counselor. The housing counselor then inputs the client's data, reviews the client's credit history, and considers the various financing and mortgage options. Loan Prospector Outreach conducts a client assessment in just minutes, returning either a "Ready to Apply" or "Continue Counseling" indication. When the client is ready to apply, the housing counselor provides an Indication Certificate to the client. With the Indication Certificate, the client is ready to visit a lender.
  2. What steps are involved in the assessment process?

    • Collect client data.

      Housing counselors enter the client's information into the system, including contact and employment information. Loan Prospector Outreach will only ask for the data required to complete the assessment.

    • Review client's credit history.

      Housing counselors order a merged credit report in addition to the assessment. A merged credit report may be ordered even before the assessment is conducted. The credit reporting companies will note your inquiry on your client's credit report, but because you are a housing counselor, this inquiry should not impact your client's credit score.

    • Consider various mortgage options.

      Whether the client is a first-time homebuyer or looking to refinance, Loan Prospector Outreach offers a number of mortgage options to consider, including fixed-rate mortgages, adjustable rate mortgages (ARMs), and buydowns. Housing counselors also have access to a variety of mortgage products, including the Freddie Mac Home Possible® suite of mortgages.

    • Assess mortgage-readiness.

      • Within just minutes of the submission, Loan Prospector Outreach conducts the assessment, returning to the housing counselor an indication of whether the client is "Ready to Apply" for a mortgage or needs to "Continue Counseling."

      • With a "Ready to Apply" indication, the client can confidently take the next step in the homebuying process. The housing counselor provides the completed Indication Certificate, and the client is ready to visit a lender.

      • If the client receives a "Continue Counseling" indication, Loan Prospector Outreach provides feedback that the housing counselor can use to further prepare the client. After further counseling, the case file may be re-submitted in order to receive an updated assessment. The housing counselor can also request updated credit information.

    • Client visits a lender.

      The client/borrower visits the lender with the "Ready to Apply" Indication Certificate from the housing counselor. This certificate indicates that the client has been pre-screened and is ready to apply for a mortgage. Using all the necessary data, the lender will be able to make a lending decision.

  3. How much does Loan Prospector Outreach cost?

    There is no cost for set-up. For a limited time the Loan Prospector Outreach transaction fees will be waived; however, fees will be assessed for merged credit reports and the Reorder Credit Service option. The Reorder Credit Service option, which is an optional service, is available through your Loan Prospector Outreach browser, and enables you to request merged credit within an existing loan transaction. Consult the Loan Prospector Outreach User Guide for more information on the Reorder Credit Service.
  4. How can a housing counseling agency or lender sign up for Loan Prospector Outreach?

    To find out how to get started, housing counselors and lenders should contact us via e-mail.
  5. What mortgage products are available for assessment?

    Whether the client is a first-time homebuyer or looking to refinance, Loan Prospector Outreach allows housing counselors to assess their clients against a wide variety of flexible mortgage products including Home Possible® and Home Possible Neighborhood Solution® Mortgages.
  6. What are the hardware and software requirements for Loan Prospector Outreach?

    For housing counselors, the following is required for efficient and supported use of Loan Prospector Outreach:*

    • We recommend using a currently supported version* of Internet Explorer for use with Loan Prospector Outreach

    * For the latest and most complete list of hardware and software requirements for Internet Explorer 6 SP1, please visit Microsoft's Web site.

  7. What kind of support is available for the participating housing counselors and lenders?

    Loan Prospector Outreach users are able to call our dedicated toll-free support line at (866) 733-0446; Monday through Friday from 8:00 a.m. – 8:00 p.m. ET. Users can also contact us via e-mail with questions. Additionally, we provide a number of online tools and resources for users.
  8. What kind of reference tools and resources are available?

    Freddie Mac offers a variety of reference tools and other resources for housing counselors and other industry professionals. Go to the Housing Professionals Resource Center page on FreddieMac.com to access.
  9. What are the customer service hours of operation?

    Loan Prospector Outreach Customer Support
    Support Line: (866) 733-0446
    Hours of Operation: Monday-Friday; 8:00 a.m. – 8:00 p.m. ET
  10. What are the Loan Prospector Outreach system hours of operation?

    Loan Prospector Outreach System Hours of Operation
    Monday – Friday

    7:00 a.m. – 2:00 a.m. (ET)

    Saturday

    7:00 a.m. – 11:00 p.m. (ET)

    Sunday

    11:00 a.m. – 2:00 a.m. (ET)

    The site is closed on New Year's Day, Easter Sunday, Thanksgiving Day, and Christmas Day.
  11. Who should I contact if I still have questions?

    If we haven't answered your question here or you need more information, please contact us.

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Housing counselors with a User ID and Password:

 

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