Updates to Loan Prospector to Align With Underwriting Changes Announced in Recent Single-Family Seller/Servicer Guide BulletinJuly 14, 2009
In our Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-18 issued on July 10, Freddie Mac announced changes to our underwriting requirements, and provided further guidance and emphasized existing underwriting requirements with respect to borrower income, capacity, assets and required documentation. The revised underwriting requirements announced in Guide Bulletin 2009-18 are effective for all mortgages with applications dated on or after October 1, 2009, and settlement dates on or after January 1, 2010.
We will update Loan Prospector on September 27, 2009, to address the underwriting changes announced in Guide Bulletin 2009-18. If you wish to implement the underwriting changes prior to Loan Prospector being updated, we strongly encourage you to use our online tool, Loan Prospector Processing Reminders for Mortgages with Submission Dates Prior to September 28, 2009 to help you apply the manual overlays and manage the Loan Prospector feedback messages.
Impact to Loan Prospector Documentation Matrix
As a result of these changes, we amended the documentation requirements for Loan Prospector Streamlined Accept and Standard documentation levels. Please refer to our Loan Prospector Documentation Matrix or the October 2009 version of Guide Sections 37.21 through 37.23 on AllRegs® for details on the revised requirements for the Streamlined Accept and Standard Documentation documentation levels.
For More Information
- Review the Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-18 issued on July 9