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The Loan Product Advisor feedback certificate 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 feedback will help lenders resolve data defects prior to closing and reduce repurchase risk.
Loan Collateral Advisor's rules-based engine provides insight into eligibility for earlier collateral representation and warranty relief. Business Intelligence is an innovative new capability that pulls data from all of Loan Advisor Suite's applications into a simple snapshot that lenders can use to monitor transaction data.
The new appraisal application, Boyle says, is a good example of how the suite will help lenders gain new efficiencies. Having the guidelines and information baked into each application will also help lenders achieve new efficiencies, Boyle says. Andy Higginbotham, senior vice president and head of single-family strategic delivery for Freddie Mac, says the development of the suite is the result of extensive feedback from the lender community.
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Freddie Mac teamed up with 15 different development partners, including numerous experts who have been involved in the development of origination technology, to get their input on these applications. A big part of the job, he says, has been figuring out exactly how various lenders will be using the applications. For that reason, all of the applications have been undergoing trial testing in live environments with about 20 different numerous lenders, running in size from big to small, during the past six months or so.
Our efforts with Loan Quality Advisor and Loan Coverage Advisor were focused on getting the look and feel consistent with the new tools. While there was some recoding, it was not extensive.
Freddie Mac Officially Launches Loan Advisor Suite
In terms of software deployment, lenders have two options: They can use the portal to access the applications on an as-needed basis or they can have the suite integrated with their loan origination system LOS , which facilitates a greater degree of automation. We want to automate their manual checklist processes. Higginbotham adds that Freddie Mac has been working with the LOS providers to develop the integrations.
And we did that knowing we would come out with an entire suite of tools that would automate the loan manufacturing process as it relates to investor requirements.
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Perhaps most important of all, the launch of Loan Advisor Suite pushes Freddie Mac ahead of the rest of the mortgage industry in terms of technology investment. Mortgage Lending Outlook: Expect Significant Softening of Home Prices in Tuesday, February 19, About Us Contact Us.
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