Lp Data Errors
The appraisal should be carefully reviewed for this transaction. On resubmissions, a change in borrower order is also considered a critical borrower data change. Merged credit reports previously ordered outside of Loan Prospector may be reaccessed by submitting the MCRN with the initial Loan Prospector transaction. Click Login. weblink
If "Yes" is selected under the category intend to occupy. If credit is re-ordered, an additional merged credit fee may apply, and another inquiry has been made in the borrower's credit report file. What happens if the wrong Reference Number(s) is entered? What is the FHA Sponsor ID and how is it used?
Freddie Mac Error Codes
If you are using MCRN(s) make sure you're Loan Origination System (LOS) includes the Reference Number field(s). If you enter incorrect information into these fields, the system displays the following window, allowing you to re-enter your password change: January 2015 www.FreddieMac.com/learn/ Page 6 Loan Prospector Functionality Guide If you return to the Loan Prospector Main page, the system will prompt you to save your data. For a student loan that is deferred or is in forbearance, use a minimum of 2% of the outstanding balance as the required monthly payment. 4U One or more revolving or
Launch the following demonstration for extra help: http://FreddieMac.elearningserver.com/p/7733031112 January 2015 www.FreddieMac.com/learn/ Page 3 Loan Prospector Functionality Guide Step / Action Result / Notes After you click Login, the Login prompt displays: The process for requesting merged credit with an automated underwriting service (AUS) assessment is the same as it's always been, whether a conventional, Federal Housing Administration (FHA) or Veterans Affairs (VA) I contacted my local representative at my credit company and they didn't know how to sign up for Loan Prospector, so who should they call? Loan Prospector Merged Credit Error Case numbers are requested through the FHA Connection.
when can I use an existing Reference Number? Ordering merged credit without AUS assessment is not considered a submission to Loan Prospector. Loan Prospector will not return an error message if a loan is submitted without the required FHA Case number or if you forget to enter an FHA Sponsor ID. http://www.loanprospector.com/news/may2007.html January 2015 www.FreddieMac.com/learn/ Page 29 Loan Prospector Functionality Guide Step / Action Result / Notes 3.
You must have a relationship with one or more CRCs or their technical affiliates, in order to use Loan Prospector's Merged Credit Report Options. Loan Prospector Matrix Will I be charged a fee if I use multiple Reference Numbers? Freddie Mac does not specify the documentation required to establish lawful U.S. field defaults to No For Conventional loans, Monthly Income must be entered in the Monthly Income Breakdown section.
If the new credit data has a negative impact to the assessment, you cannot subsequently request to use the original credit. Visit the Loan Prospector Welcome Center at http://www.LoanProspector.com/welcome to help you get started with Loan Prospector tips, quick references, news, training information and other useful tools. 2. Freddie Mac Error Codes LoanProspector.com login prompt displays. Loan Prospector Help Where can I find details regarding my merged credit report request?
Gift funds must be reported in the Total Gift Fund field. I contacted my local representative at my credit company and they didn't know how to sign up for Loan Prospector, so who should they call? January 2015 www.FreddieMac.com/learn/ Page 33 Loan Prospector Functionality Guide Step / Action Result / Notes Example of Installment Liability Type page: Note: Liability fields with red asterisks are required for each Loan Prospector has direct connections with participating CRCs to provide merged credit reports from them or over 70 of their technical affiliates. Loan Prospector User Guide
Loan Prospector will be updated at a later date to remove this option for conventional mortgages. For information on how to navigate and use the Look-Up HVE Value tool, refer to the Using Home Value Explorer (HVE) via LoanProspector.com for Relief Refinance Mortgages reference. Other fields are conditionally required depending on the loan data entered. http://globalinfoindex.com/loan-prospector/lp-data-error-messages.php January 2015 www.FreddieMac.com/learn/ Page 8 Loan Prospector Functionality Guide Step / Action Result / Notes Fields with a red asterisk (*) are required on all transactions.
If you're a new Loan Prospector user there are only a few things you need to do to be able to use Loan Prospector's Merged Credit Options: After you have received Loan Prospector Definition The repositories will identify all entities that view a borrower’s credit data in Loan Prospector on the borrower’s credit report. Sellers will be prompted to select one of three options – Initial Assignment, Final Assignment, or MSP Assignment. • • January 2015 Initial Assignment: Provides a participating wholesaler an early look
HVE is a Freddie Mac AVM tool that provides a point value estimate for a property with a Confidence Score and Forecast Standard Deviation, indicating the accuracy of the estimated value.
For more information on data entry guidelines, refer to Address Guidelines for MAF (Minimum Assessment Feedback). If a verbal VOE cannot be obtained, obtain a written VOE or third-party VOE. ZB An update of the original appraisal is required within 120 days before the effective date of the permanent financing. -------------------- Applicable Credit Warranties & Waivers -------------------80 Credit Warranty: Required to Loan Prospector Non-occupant Co-borrower The first data page containing errors displays: If importing manually, you can correct the errors in your system and then re-import the file.
FHA TOTAL Scorecard requires merged credit, which you'll order through Loan Prospector. All merged credit report option fees ordered in Loan Prospector will be billed to you directly from your selected CRC. A letter from the creditor or a signed statement from the Borrower may be used to determine whether additional credit was obtained. this content On a resubmission, if the Merged Credit box is selected a new report may be ordered, and you may be charged a merged credit report fee when: No Reference Number(s) is
January 2015 www.FreddieMac.com/learn/ Page 17 Loan Prospector Functionality Guide Step / Action Result / Notes Borrower 2 Monthly Income Breakdown page: January 2015 www.FreddieMac.com/learn/ Page 18 Loan Prospector Functionality Guide Step When selling such mortgages to Freddie Mac, Sellers represent and warrant that the non-U.S. We encourage you to send MCRNs on all resubmissions. January 2015 www.FreddieMac.com/learn/ Page 13 Loan Prospector Functionality Guide Step / Action Result / Notes Borrower 1 Monthly Income Breakdown page: January 2015 www.FreddieMac.com/learn/ Page 14 Loan Prospector Functionality Guide Step
How will I be billed for merged credit reports and Reference Number fees? Loan Prospector will only return an error message if the FHA Lender ID field is left blank or if it doesn't meet the required 10-digit format. Refer to Sending a Loan from Your System section for information on sending a loan application from your system to Loan Prospector. The results are saved for a period of time and eventually archived, with the exception of the merged credit data and the credit infile data. (Merged credit data and credit infile
You must have a signed agreement for service with a CRC or technical affiliate prior to using this service. January 2015 www.FreddieMac.com/learn/ Page 55 Loan Prospector Functionality Guide Installment Account: If credit report does not show the required monthly payment for an installment account, the file must be documented Will I receive an error message, if I forget or incorrectly enter the FHA Lender ID/Sponsor ID or Case Number? For more information, refer to the CRC and Technical Affiliates page at: http://www.loanprospector.com/about/crc.html Refer to LoanProspector.com Online Help for detailed steps for ordering merged credit.
Critical borrower data includes borrower last name, and Social Security Number.