MCLEAN, VA -- (Marketwired) -- 04/30/13 -- Freddie Mac (OTCQB: FMCC) today announced Loan Quality Advisor(SM), a new online loan tool that gives lenders an automated way to identify credit, data and purchase eligibility issues before they deliver loans to Freddie Mac. By helping lenders spot and fix potential problems earlier in the loan manufacturing process, Loan Quality Advisor can make Freddie Mac's purchase requirements more transparent and give lenders greater certainty in the loans they sell to Freddie Mac. Loan Quality Advisor also gives lenders Freddie Mac's view of credit risk on mortgages that were not originated on Loan Prospector®, Freddie Mac'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 while making business with Freddie Mac more efficient and transparent for all Freddie Mac customers.
Attribute to Mike Dawson, Vice President of Customer Business Services, Freddie Mac:
"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. 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 is an online tool lenders can use to compare current loan file data with the data submitted to Loan Prospector to identify potential data quality, credit, and policy compliance issues that may affect purchase eligibility.
•Loan Quality Advisor's three individual services will be phased in over the coming months to provide lenders with fast and transparent feedback. The new services are:
•Loan Prospector Data Compare, which tracks the consistency of loan delivery data with the data submitted to Loan Prospector to identify potential data quality, credit, and policy compliance issues that may affect purchase eligibility. •Purchase Eligibility, which will enable lenders to flag potential delivery errors. •Risk Assessment, which provides Freddie Mac's view of credit risk and related quality issues on loans that aren't originated with Loan Prospector.
•Lenders will be able to use Loan Quality Advisor at any point in the loan manufacturing process, before or after the loan closes.
•Registration for Loan Quality Advisor will be phased in for all Freddie Mac customers by mid-summer.
•Freddie Mac created the Greater Purchase Certainty initiative to help Freddie Mac customers take full advantage of the company's new representation and warranty framework.
•Freddie Mac's Greater Purchase Certainty initiative to provide lenders with greater certainty and comprehensive support when they do business with Freddie Mac will provide them with more detailed information about Freddie Mac's assessments of mortgage risk and purchase eligibility through new tools like Loan Quality Advisor, critical enhancements to Loan Prospector, as well as industry data standardization efforts such as the Uniform Mortgage Data Program.
For more information on Loan Quality Advisor and Greater Purchase Certainty Freddie Mac customers should contact their Freddie Mac representative or visit http://www.freddiemac.com/singlefamily/loanqualityadvisor.html.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac
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