Loan Quality Advisor Availability Announced in Guide Bulletin 2013-11
June 24, 2013
With today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-11, we are announcing the availability of Loan Quality AdvisorSM (LQA), and updates and revisions to our requirements to help support the use of this tool. LQA is our new web-based risk and loan eligibility assessment tool that provides an automated way to help Sellers identify credit, data, and purchase eligibility issues before loan delivery to Freddie Mac.
LQA is part of our comprehensive suite of tools and resources that supports Freddie Mac’s new Greater Purchase Certainty initiative. This initiative is focused on providing you with greater confidence that the loans you sell to Freddie Mac meet our purchase requirements and as a result help you achieve success under our new Seller representation and warranty framework.
Today’s Guide Bulletin includes the following updates:
- Addition of new Guide Exhibit 37 Loan Quality AdvisorSM Agreement, which provides the terms and conditions for the use of LQA.
- Revision to various sections that permit mortgages to be resubmitted to Loan Prospector® after the note date, or effective date of permanent financing for Construction Conversion and Renovation Mortgages, with exceptions outlined in Guide section 2.2.1(k).
Please note: When delivering a loan that has been resubmitted to Loan Prospector after the note date or effective date of permanent financing, as applicable, you must deliver the Investor Feature Identifier “912.”
For More Information:
- Read Guide Bulletin 2013-11
- Visit the LQA web page.
- Sign up for our LQA webinar Loan Quality AdvisorSM: An Introduction and Overview.
- Contact your Freddie Mac representative to learn more about signing up and using LQA.
To receive notifications about the operation status of Loan Quality AdvisorSM (LQA) and important news and information about our single-family business, subscribe to the Single-Family Business News Subscription Center. For technology operation status, select the LQA category under the Technology System Alerts section to sign up.