Loan Prospector Outreach Updates
As of October 27, 2013
October 30, 2013
Over the last several months, Freddie Mac has implemented a series of updates to Loan Prospector® Outreach (LPO), including:
- 2013 Area Median Income Estimates. On August 25, 2013, Freddie Mac updated the system to reflect 2013 area median income (AMI) estimates issued by the Federal Housing Finance Agency. Freddie Mac uses the area median income estimates, among other things, to determine eligibility for Home Possible® mortgages. The 2013 AMI estimates apply to new submissions and resubmissions into Loan Prospector Outreach on and after August 25, 2013.
- Affordable Income & Property Eligibility Tool. On August 26, 2013, this Freddie Mac tool was also updated to reflect FHFA’s 2013 area median income estimates.
- Name and Contact Information Changes for Credco/Credstar/CBA. On August 25, 2013, we updated LPO’s Credit Reporting Companies web page to reflect the new name for Credco/Credstar/CBA – now known as CoreLogic CREDCO/Credstar. In addition, CoreLogic CREDCO/Credstar’s contact information and link to their service agreement and set-up forms were also updated.
- Detailed Income Feedback Messages. On October 27, 2013, we updated Loan Prospector Outreach to provide more transparency about Freddie Mac’s underwriting guidelines by enhancing the income documentation feedback messages with more loan-specific details and actionable information. For more details, go to the Loan Prospector Outreach Underwriting Feedback Enhancements web page, and list of New and Updated Loan Prospector Outreach Income Type Feedback Messages.
For More Information
- Loan Prospector Outreach main page
- Affordable Income & Property Eligibility tool
- Loan Prospector Outreach Credit Reporting Companies web page
- Loan Prospector Outreach Underwriting Feedback Enhancements web page
- New and Updated Loan Prospector Outreach Income Type Feedback Messages