Freddie mac loan prospector sign up

Freddie Mac eliminates Loan Prospector fee

A few, such as Citicorp Mortgage Inc. Lenders say they can better compete by offering a more convenient and consistent way to get a loan. For buyers, the quick turnaround could make for an impressive bargaining chip. Sellers could rest easy that a sales contract won't fall through.

Loan Prospector Documentation Matrix

Cecala said. Rossbach envisions a day when lenders would plug an applicant's data into several automated systems and place the loan with the most competitive one. Rossbach said. Borrowers who call or visit a lender need only give their income, an estimate of assets and approximate loan amount, all of which a loan originator keys into a computer. In a matter of minutes, the computer evaluates the borrower's credit and likelihood of repaying the loan.

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The computer scores the application as accept, refer or caution. Freddie Mac expects to accept about half the applicants, said Jane Dwight, director of automated under writing for Freddie Mac. Approvals are subject to verification of employment and financial information, a title search and a property appraisal.

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That could be done by an appraiser or by computer -- through Loan Prospector within 72 hours for an additional fee. Loans not immediately approved get processed the traditional way. When Freddie Mac grants approval, it also agrees to purchase the loan, a major selling point for lenders. Though a handful of large lenders had set up their own automated systems over the past couple of years, they still had to sell the loans on the secondary mortgage market, usually to Freddie Mac, Fannie Mae or private investors.

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  • Decision engine helps borrowers get loans – Orange County Register;

The company's "Phone In, Move-In" program guarantees to make a decision within 24 hours and meet the customer's closing date. Lenders say automation allows them to eliminate steps in processing and underwriting and cut costs.

Freddie Mac Officially Launches Loan Advisor Suite - MortgageOrb

The application icons are intuitive and logically organized. Lenders sign on and then, as different sets of data arrive at different points in the origination process, leverage the right functionality. Freddie Mac plans to incorporate the following new tools and capabilities into Loan Advisor Suite when it launches this summer:. Freddie Mac was established by Congress in to provide liquidity, stability and affordability to the nation's residential mortgage markets.

Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.

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The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents.