McLEAN, Va. – Freddie Mac has changed its Loan Prospector automated underwriting service and is upgrading its Home Possible suite of affordable mortgage products to help more low- and moderate-income borrowers qualify for mortgages that are eligible for purchase by Freddie Mac on the secondary market.
As a result of the changes Freddie Mac said it expects more mortgages submitted to Loan Prospector will get an "accept" response.
The housing Government Sponsored Enterprise also said it is waiving the Loan Prospector assessment fee when a "caution" is returned on the first submission of a conforming, conventional mortgage. Caution responses are triggered by higher risk mortgages that Freddie Mac purchases as well as by loans that don't meet the company's loan purchase guidelines.
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