July Loan Product Advisor Updates
July 14, 2016
We're updating Loan Product Advisor® on July 17, 2016, to align with the requirement changes announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-21. The updates support Freddie Mac Home Possible® and Home Possible Advantage® (collectively ®Home Possible mortgages®) requirements related to standard mortgage insurance coverage and custom mortgage insurance coverage.
These changes are effective for mortgages with settlement dates on or after July 1, 2016.
Loan Product Advisor Training Opportunities
Loan Prospector® evolved into Loan Product Advisor on July 11, 2016, as part of the launch of Freddie Mac Loan Advisor Suite®. It provides you with all the proven origination capabilities you've come to expect, but with a fresh, new look and improved functionality, usability and transparency. It's a better tool offering a better experience.
Register for the Loan Product Advisor: Introduction and Overview webinar that walks you through the redesigned Loan Product Advisor Feedback Certificate, new cash-to-close feedback messages and the redesigned web page interface.
Loan Product Advisor's New Cash-to-Close Feature
Our Understanding Loan Product Advisor's Determination of Total Funds to Be Verified job aid:
- Helps you understand how Loan Product Advisor returns results and associated feedback messages in the Asset Information section of the Loan Product Advisor Feedback Certificate.
- Provides helpful data entry tips for obtaining the most reliable results.
Note: The Asset Information section is only available in Loan Product Advisor version 4.3. In order to receive the new Asset Information, you must enter asset details on the Asset Breakdown pages of Loan Product Advisor.
For More Information
For additional details on these changes, please review: