Freddie Mac's latest version of its Web site, loanprospector.com, features additional tools that provide an easier way for lenders and brokers to originate mortgage loans. The new site, which debuted in December, allows basic loan data to be shared among third-party service providers involved in the loan process.
The latest upgrade-the third since the site was introduced in 1995-is an integrated platform for additional origination services. In the late 1990s, FHA, VA, subprime and jumbo loan evaluation capabilities were added. And in 1999 Loan Prospector became available over the Net.
The next generation of Loan Prospector is intended to build on the success of automated underwriting, according to Tricia McClung, VP of Loan Prospector at McLean, Va.-based Freddie Mac. "Our new Web site will enable mortgage lenders and brokers to further streamline other steps in the mortgage origination process by making available to them new tools and enhanced data transfer capabilities."
The site provides one access point to the Internet-based tools available through Loan Prospector, enabling lenders and brokers to evaluate, price, process, electronically close and fund their loans online.
An online fulfillment management service allows mortgage lenders and brokers to order appraisals, flood determinations, title products and property surveys from vendors through one convenient location. Lenders and brokers can electronically transmit data among service providers, place orders, check order status in real time and receive reports. The technology for these vendor services through loanprospector.com is provided by BCE Emergis, an e-commerce company working with Freddie Mac, and is supported by technology from General American Corp.
The site features an updated, intuitive design based on the standard industry loan application format for easy data entry. By providing the ability to transfer loan application data from one business process to the next, it minimizes re-keying of loan data, re-keying errors and improves overall workflow. In addition, the loan application data can now be fully exported to and from Loan Prospector and the lender's loan origination software (LOS).
Tighter integration between loan prospector and LOS translates to greater efficiency, according to Mel Drury, president of American Lending Group, Lexington, Ky., which participated in the pilot for the new Loan Prospector. "Using the new Loan Prospector features with our LOS saves our lending operation time."