Tips to help you with the transition of invoicing of new merged credit fees

To assist you with reconciling your Freddie Mac Loan Prospector® invoice, effective January 1, we are transitioning the invoicing of new merged credit fees, including Reference Number fees, from your monthly Loan Prospector invoice sent by Freddie Mac to the monthly invoice you receive directly from the credit reporting companies (CRC).

Increase the accuracy and flexibility of your Loan Prospector billing process

This billing transition will make your accounting and reconciliation process easier by streamlining your Loan Prospector invoice to include only your automated underwriting service (AUS) fees. You can also work directly with your selected CRC(s) to explore additional billing options and various payment methods.

Preparing for the billing transition

To help you prepare for the Loan Prospector billing transition we're providing you with helpful tips to ensure you receive your bill directly from your selected CRC in a timely fashion. Before January 1, 2008, you need to:

• Confirm merged credit report pricing with your CRC(s). The CRCs are required to incorporate the Loan Prospector merged credit (and any Reference Number fees) into their current billing process. Check with your selected CRC(s) for the price and applicability of their fees. The fees may vary, according to the CRC used, number of borrowers, and whether single or joint merge is indicated. Any questions regarding merged credit report pricing, including the amount and timing of new secondary use fees, should be directed to your CRC(s).
• Confirm Loan Prospector data identifiers. With this billing transition, you should still receive the key Loan Prospector information you need to reconcile your bill. The CRCs are required, at a minimum, to incorporate the following Loan Prospector data fields into their invoices: 
  • Loan Prospector AUS Key Number
  • Loan Origination System (LOS) Loan Application Number
  • Merged Credit Reference Number
• Make sure your contact information is accurate with the CRCs. To ensure you receive your bill directly from your selected CRC(s) in a timely fashion, it's important that the CRC has your accurate contact information. If you already have an agreement with a CRC, make sure the billing contact, including payment information they have for you, is accurate. It's suggested that you have agreements with more than one CRC to ensure no service interruption to your business.
• Establish CRC agreements. New CRC customers who don't have a CRC agreement in place will need to contact one of Loan Prospector's participating CRCs to establish an agreement before using our merged credit report options.
• Activate your account in Loan Prospector.  If you have an existing agreement with a CRC, in order to use Loan Prospector's Merged Credit Report options, you will have to activate your account to accept Reference Numbers through Loan Prospector. Follow these instructions [PDF] to have your account activated in Loan Prospector.

Please note, beginning January 1, 2008, if you have questions or issues about your merged credit charges, you'll need to contact your selected CRC(s) directly.

Read more information about the Loan Prospector billing transition.