Loan Prospector® Outreach Updated to Align with Recent Requirement Changes
March 5, 2014
On February 23, 2014, Loan Prospector® Outreach was updated to align with recent requirement changes related to asset documentation provided in Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-18 that are effective for mortgages with settlement dates on or after March 1, 2014. These updates relate to:
- Verifying large deposits;
- Using direct account verification to verify assets;
- Applying Internal Revenue Service employer retirement accounts used for reserves; and
- Aligning standard documentation with eligible borrower funds and documentation requirements.
For full details on the new updates, please read the September 24, 2013, Freddie Mac Single-Family Seller Servicer Guide (Guide) Bulletin 2013-18.
Click here for an overview of the updated feedback messages in Loan Prospector Outreach.