Update Loan Prospector May 12 Release
The Loan Prospector® May 12 release enhancements were successfully implemented as scheduled.
The Loan Prospector 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 borrower 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 May 12 release.
In addition to the May 12 release, and as part of our Greater Purchase Certainty initiative, on June 23, 2013, we will update Loan Prospector to provide specific details in our purchase eligibility feedback messages. Read more about these upcoming enhancements in our Single-Family News Center article.