Selling System Enhancements Announced for Loan Prospector and Best Efforts Loans
October 10, 2013
Beginning October 21, 2013, you will see additional improvements to the Freddie Mac selling system. These enhancements are part of our continuing effort to improve the selling system to make it easier for you to do business and to provide you with greater purchase certainty for the loans you sell to Freddie Mac.
- New critical error messages for Loan Prospector® loans. When you evaluate a Loan Prospector loan in the selling system and a discrepancy is detected between the Loan Prospector data and the data you entered in the selling system, you may receive critical error messages. These messages give you the opportunity to fix errors before the loan funds. Previously if errors were detected, you may have received warning messages, and your loan may have been subject to additional post settlement delivery fees.
Certain loan programs requiring a Loan Prospector submission will not receive critical error messages, including Manufactured Home Mortgages, Home Possible® Mortgages, and Super Conforming mortgages with original loan amounts of $1 million or less. For these loans, if an error is detected, you will still see warning messages, but the loan will be allowed to fund.
- Capability to modify loan data on existing Best Efforts loans. You will have the ability to make changes to a Best Efforts loan by importing data modifications or additional loan data for an existing Best Efforts loan. Previously, it was necessary to manually key in changes to existing Best Efforts loans. This enhancement will make it easier to make multiple changes to your loan. Please note that you can import modifications to only one loan at a time.
For further details on these selling system enhancements, take advantage of our:
- Best Practices for Best Efforts Commitments job aid, available October 21, 2013, from the selling system welcome page or the Freddie Mac Learning Center.
- Validating Loan Prospector and non-Loan Prospector Loans in the Selling System job aid, available October 21, 2013, from the selling system welcome page or the Freddie Mac Learning Center.
- Selling System Updates, Tips, and Best Practices – 3rd Quarter 2013 recorded tutorial, available now.