Freddie Mac builds on Loan Prospector with new Advisor Suite

April 4, 2016

McLEAN, Va. (4/4/16)--Starting this summer, Freddie Mac customers will have quick access to loan data and a full array of loan production and delivery tools under an updated Loan Advisor Suite. 

The new tools are designed to provide a “flexible, end-to-end loan delivery solution that can increase lender efficiency and provide earlier insight into representation and warranty relief,” according to Freddie Mac's announcement last week.

Lenders will be able to use either a single sign-on portal or access the system through their loan origination system.

Once signed on, lenders can move between the Loan Advisor Suite functionalities they are credentialed to use and start applying the actionable feedback they receive. This will help lenders resolve production issues during the loan manufacturing process before the loan closes or is delivered.

The new tools and capabilities include:

  • Loan Product Advisor, the next generation of Loan Prospector, is cleaner, easier-to-understand and shows at a glance a loan's status and potential for earlier representation and warranty relief. Freddie Mac plans additional functionality for Loan Product Advisor later this year;
  • Loan Closing Advisor is designed to evaluate each loan's closing data for alignment with the Uniform Closing Dataset (UCD). Loan Closing Advisor feedback will help lenders resolve data defects prior to closing and reduce repurchase risk;
  • Loan Collateral Advisor will going live as part of Loan Advisor Suite's summer rollout. It quickly ranks the likely accuracy of the appraiser's market value using data submitted to the Uniform Collateral Data Portal and provides real-time feedback and guidance for identifying and resolving appraisal issues. Its rules-based engine provides insight into eligibility for earlier collateral representation and warranty relief; and
  • Business Intelligence will pull data from all of Loan Advisor Suite's applications into a simple snapshot that lenders can use to monitor transaction data. Business Intelligence displays data at the loan or summary level, for one tool or the entire Suite, and is designed to make pipeline reporting, peer comparisons and trend analysis easier.

All of the new tools and capabilities will be integrated as part of Loan Advisor Suite, along with Freddie Mac's existing loan production tools.

Freddie Mac is a CUNA Strategic Services strategic alliance provider.