Loan Prospector Updates Including the Successful Update of Enhanced Purchase Eligibility Messages
July 25, 2013
As part of our ongoing technology enhancements and our focus on providing you with greater purchase certainty, we are implementing a series of Loan Prospector® updates to help you create greater efficiencies in your loan manufacturing process. The changes to Loan Prospector include:
- July 22, 2013 – Purchase Eligibility Messages Enhancement
Loan Prospector was successfully updated to provide specific details in our purchase eligibility feedback messages to support your success under the new representation and warranty framework.
- July 25, 2013 – Update to the Department of Veterans Affairs Residual Income Table
We are updating Loan Prospector with the most recent data to determine the Department of Veterans Affairs (VA) residual income eligibility. In addition to factors such as property location and VA household size, the residual income is defined as the monthly balance of funds available for family support after meeting borrower's shelter expenses, debts, and taxes, according to the VA Lender's Handbook. For more information, refer to Processing FHA TOTAL and VA Mortgages resources document or the VA website.
- August 25, 2013 – Updates to the CRC and Technical Affiliate Lists
The credit reporting company (CRC) and CRC technical affiliate drop-down lists will be updated to add new names of companies and reflect existing technical affiliate company names.
These changes include:
- Adding new companies
- Information Searching Company
- Updating the company name for:
- Birchwood Credit Services to Birchwood Credit Services, Inc.
- Credco/Credstar/CBA to CoreLogic CREDCO/Credstar
- CIC Credit Inc. to CIC Credit
- Adding new companies
The technical affiliate field provides a more effective way to request new merged credit or use a previously obtained merged credit reference number (MCRN) from a sponsored technical affiliate. Currently, the only CRC supporting this enhancement is Equifax Mortgage Solutions (EMS). Contact your LOS vendors to determine when they will update the technical affiliate list in your system.
For More Information
- Refer to the Processing FHA TOTAL and VA Mortgages resources document.
- CRC technical affiliate list.
- Review training resources.
- Visit the VA website.
- Sign up for our What's New with Loan Prospector live Webinar.