Freddie Mac to Launch Next Generation of Loan Prospector(R) Services In December
|December 4, 2002|
Loanprospector.com 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, loanprospector.com. 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 loanprospector.com 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 loanprospector.com website.
Key features of the new Loan Prospector services
"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 loanprospector.com 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