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Loan Prospector October 14 Release

October 5, 2012

On October 14, 2012, we are updating Loan Prospector® to reflect some of the changes in income and asset documentation and evaluation requirements for Relief Refinance MortgagesSM – Open Access, as announced in the Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-19.

Loan Prospector is being updated to return the following new feedback messages for all new submissions and resubmissions of Relief Refinance Mortgages – Open Access to Loan Prospector on and after October 14, 2012:

Message Code

Feedback Message

Purpose

DOC-XE*

For Relief Refi-Open Access, regardless of the Documentation Level returned in this LP Feedback Certificate, please refer to income and asset documentation requirements in Guide section
B24.3 (f).

Indicates that regardless of the Documentation level returned on the Loan Prospector feedback certificate, the seller should refer to income and asset documentation requirements in Guide section B24.3 (f).

LPN-HY

When an appraisal is obtained for Relief Refi Open Access, Seller is not responsible for value, condition and marketability reps and warranties of Mortgaged Premises.  Seller must meet all other requirements of Ch.44, except that, Seller is not responsible for completeness and accuracy of the appraiser's Mortgaged Premises description, and the accuracy of and support for, the appraiser's opinion of market value of Mortgaged Premises specified in Sec. 44.15.

Indicates that the seller is not responsible for value, marketability and condition representation and warranties on the mortgaged premise when an appraisal is obtained, or for certain other requirements of Guide Chapter 44.

*The corresponding WEB-XF feedback message is also being added and will be displayed on the Loan Prospector Documentation Checklist.

As a reminder, until the new feedback messages are implemented in Loan Prospector, users may apply the revised documentation requirements announced in the Guide Bulletin 2012-19 and disregard any contradicting Loan Prospector feedback messages. For your convenience, please refer to the Freddie Mac Relief Refinances Mortgages Income and Asset Documentation Requirements job aid.

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