Reminder: Loan Prospector July 14 Updates on ARM Qualification Requirements Changes
July 10, 2013
On July 14, 2013, Loan Prospector® will be updated to reflect revised qualification requirements for adjustable rate mortgages (ARMs) with initial adjustment periods of five years or less for all loan resubmissions with initial submissions prior to May 12, 2013. These requirements are effective for mortgages with settlement dates on or after July 1, 2013, as outlined in October 16, 2012, Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-21.
This update is part of a series of enhancements to Loan Prospector that will help create more efficiencies in your loan manufacturing process and as a result provide more confidence that the loans you deliver to Freddie Mac will meet our purchase requirements.
For more details refer to the Loan Prospector May 12 release article on the Single-Family News Center.