Reorder Credit Service in Loan Prospector
Loan Prospector’s Reorder Credit Service is an optional service that allows you to request fresh credit infiles or merged credit to be used in Loan Prospector for its assessment. This option gives you the ability to request that a transaction be assessed with new credit infiles or merged credit for your borrower.
Selecting Reorder Credit Service in Loan Prospector
To use the Reorder Credit Service with merged credit or credit infiles, here are key factors to keep in mind:
- The Reorder Credit Service can be selected for one or more borrower(s) per loan transaction.
- If you request new credit in Loan Prospector, the original credit request will no longer be available.
- You will continue to select the same type of credit (infiles or merged credit) for all borrowers on the same loan transaction, as you do currently.
- The assessment expiration date messages can be found in the Loan Processing Information section of the Loan Prospector Full Feedback Certificate.
- The Reorder Credit Service is available on the Request Services page.
- The Reorder Credit Service is available for users through the Loan Prospector browser, system-to-system access method _version 4.2 (infiles only) and version 4.2.01 (infiles and merged credit). Please check with your loan origination system vendor contact for availability.
Important Information about the Reorder Credit option
Freddie Mac has no control of the credit data returned from the credit repositories for the borrowers, and cannot guarantee that credit returned to the Loan Prospector user is the expected, fresh credit reflecting borrower-requested updates from the credit repositories. Loan Prospector has no influence on when the credit repositories update credit information for borrowers. You should instruct your borrowers to work directly with the credit repositories or you may be able to work with your credit reporting company (CRC) to ensure that the credit data is accurately updated before the Reorder Credit option is selected.
Using the Reorder Credit Service with Merged Credit Files
When you request the Reorder Credit Service using merged credit, you will need to be aware of the following factors:
- If you select a joint merged credit file for your borrowers and then change your request to use the Reorder Credit Service for a single merged credit file, the new credit will be reordered for each borrower.
- Merged Credit Reference Numbers (MCRNs) may not be used if you select the Reorder Credit Service option, and an error message will be returned if MCRNs are entered.
Reorder Credit Service Fees
When you select the Reorder Credit Service option in Loan Prospector, you will incur a fee for each request of fresh credit, and the credit repositories will identify your inquiry on the borrower's credit report. If you select the Reorder Credit option using:
- Merged Credit: You will need to check with your selected CRCs for the price and applicability of their merged credit fees. The fees may vary depending on which CRC is used, the number of borrowers selected, and whether single or joint merged credit is indicated.
- Credit Infiles: You will incur a $4 fee.
Please note: the repositories will identify all entities that view a borrower's credit data in Loan Prospector on the borrower's credit report.