Update to Loan Prospector Outreach May 12, 2013, Release
The Loan Prospector® Outreach May 12, 2013, release enhancements were successfully implemented as scheduled.
The Loan Prospector Outreach implementation date reflecting revised qualification requirements for ARM products with initial adjustment periods of five years or less has changed from July 1, 2013, to July 14, 2013. For these ARM types, the client must be qualified using the greater of the Note Rate plus two percentage points or the fully indexed rate. This requirement is effective for mortgages with settlement dates on or after July 1, 2013, as outlined in Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-21. Review the details of the Loan Prospector Outreach May 12, 2013, release.