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Industry News

Freddie Mac to Launch Next Generation of Loan Prospector(R) Services In December

December 4, 2002 to Feature Additional Lending Services

MCLEAN, Va., /PRNewswire-FirstCall/ -- On Dec. 8, Freddie Mac will make available additional Loan Prospector® tools that provide an easier way for lenders and brokers to originate mortgage loans through one website, The new website efficiently allows basic loan data to be shared among third-party service providers involved in the loan process. "We are introducing the next generation of Loan Prospector to build on the success of automated underwriting. Our new website will enable mortgage lenders and brokers to further streamline other steps in the mortgage origination process by making available to them new tools and enhanced data transfer capabilities," said Tricia McClung, vice president of Freddie Mac's Loan Prospector. "The website provides one access point to all of the Internet-based origination tools available through Loan Prospector. In the next two years, we'll help lenders and brokers to evaluate, price, process, electronically close and fund their loans online.

Also on Dec. 8, all Loan Prospector on the Internet customers will automatically be directed to the new website.

Key features of the new Loan Prospector services

  • Vendor Services:An online fulfillment management service that allows mortgage lenders and brokers to order appraisals, flood determinations, title products and property surveys from vendors through one convenient website. Lenders and brokers can electronically transmit data among service providers, place orders, check order status in real time and receive reports. The technology for these vendor services through is provided by BCE Emergis, an e-commerce company working with Freddie Mac, and is supported by technology from General American Corporation.
  • Automated Data Transfer:An updated, intuitive-design based on the standard industry loan application format for easy data entry. It features the ability to transfer loan application data from one business process to the next, minimizing re-keying of loan data, re-keying errors and improving overall workflow. In addition, the loan application data can now be fully exported to and from Loan Prospector and the lender's loan origination software (LOS).
  • More Credit Info: The Score Power(TM) FICO-based credit-counseling tool from Equifax can be used by loan originators to assist their borrowers in understanding credit scores. Lenders and brokers can use Score Power to offer their borrowers a plain-language explanation of factors that influence their current scores, and what borrowers can do to improve these factors over time.

"Internet-based tools eliminate much of the phone calling and faxing that originators do to close a loan, such as ordering services from vendors and following up on the status of those orders," said McClung. "When borrowers call their lender to check on the status of an appraisal or title insurance, the lender can immediately check the status online."

Launching as an integrated platform for additional origination services represents the third significant upgrade to Loan Prospector since it was launched in 1995 to evaluate conventional conforming mortgages. In the late 1990s, FHA, VA, subprime and jumbo loan evaluation capabilities were added. And in 1999 Loan Prospector became available over the Internet.

Source: Freddie Mac

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