""Freddie Mac"":http://www.freddiemac.com/ announced the launch of Loan Quality Advisor, a new online loan tool designed to give lenders an automated way to identify credit, data, and purchase eligibility issues before they deliver loans to the GSE.[IMAGE]
According to a release, Freddie Mac intends to help lenders spot and fix potential problems early on in the loan manufacturing process, make its purchase requirements more transparent, and give lenders greater certainty in loans sold to the mortgage giant. Loan Quality Advisor also gives lenders Freddie Mac's view of credit risk on mortgages not originated on Loan Prospector, the GSE's automated underwriting service.
Loan Quality Advisor marks the launch of Freddie Mac's new Greater Purchase Certainty initiative to help lenders improve loan quality and to make business more efficient and transparent for all of its customers.
""Loan Quality Advisor gives lenders fast, transparent feedback they can use to aid their loan manufacturing processes and take fuller advantage of Freddie Mac's new representation and warranties framework,"" said Mike Dawson, VP of customer business services at Freddie Mac. ""By using Loan Quality Advisor, our customers can enjoy Greater Purchase Certainty when they do business with Freddie Mac. Giving lenders greater certainty and comprehensive support is at the center of Freddie Mac's customer mission.""
Loan Quality Advisor's three individual services will be phased in over the coming months to provide lenders with fast, transparent feedback. The services are: Loan Prospector Data Compare, which tracks the consistency of loan delivery data with the data submitted to Loan Prospector to identify potential issues; Purchase Eligibility, which will enable lenders to flag potential delivery errors; and Risk Assessment, which provides Freddie Mac's view of credit risk and related quality issues on loans that aren't originated with Loan Prospector.
Registration for Loan Quality Advisor will be phased in for all Freddie Mac customers by mid-summer, the company announced.