Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check
Tuesday, April 30, 2013 12:05 PM
Freddie Mac will be phasing in a new tool over the next few months which is designed to help lenders identify credit, data, and purchase eligibility issues in their loans before they are delivered to Freddie Mac. The Loan Quality Advisor marks the launch of the company’s new Greater Purchase Certainty Initiative which seeks to help lenders improve loan quality while making it more efficient and transparent to do business with Freddie Mac.
The Advisor is an online tool that allows lenders to compare current loan file data with the data submitted to Loan Prospector in order to identify potential data, credit, and policy compliance issues that might affect the loans eligibility for purchase. This will allow lenders to spot and fix potential problems earlier in the loan process.
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