Lending tools power up
|December 3, 2002
Freddie Mac's new loan prospector services to make way next week
Inman News Features
Freddie Mac will launch additional lending tools on its loanprospector.com Web site on Dec. 8.
The new Web site will enable basic loan data to be shared among third-party service providers involved in the loan process.
Enhancements to the loan prospector services include:
- 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 Web site.
- Automated data transfer: An updated design based on the standard industry loan application format that aims for easy data entry and features the ability to transfer loan application data from one business process to the next.
- More credit information: The FICO-based credit-counseling tool from Equifax can be used by loan originators to assist their borrowers in understanding credit scores with plain-language explanations of factors influencing current scores.
Freddie Mac is a stockholder-owned corporation that purchases single-family and multifamily residential mortgages and mortgage-related securities
Copyright: Inman News Service