Loan Prospector definition

Loan Prospector means Xxxxxxx Mac's automated underwriting system.
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Loan Prospector means the Xxxxxxx Mac Loan Prospector AUS.
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Loan Prospector means Freddie Mac’s automated underwriting system.
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Examples of Loan Prospector in a sentence

  • Eligible applicants must meet credit underwriting standards of the relevant insuring program, as evidenced by the approval of a Direct Endorsement underwriter or the insurer, program accepted, underwriting software, i.e. Loan Prospector (LP), Desktop Underwriter (DU).

  • The Seller shall assure that the Buyer has access to the Xxxxxxx Mac Loan Prospector (LP) Xxxxxx Xxx DeskTop Underwriting (DU) to confirm the approved status of the Mortgage Loans under such programs; provided that LP and DU are not used for Mortgage Loans that are part of the “VA IRRRL”or “FHA Streamline” programs.

  • Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan that fully conforms to all underwriting standards, loan amount limitations and other requirements of that standard Agency mortgage loan purchase program accepting only the highest quality mortgage loans underwritten without dependence on expanded criteria provisions, or that is approved by Desktop Underwriter or Loan Prospector.

  • The Agency allows the use of, but does not require, unless otherwise noted by a specific mortgage program in this chapter, the following automated underwriting systems: Fannie Mae’s Desktop Underwriter (DU); Freddie Mac’s Loan Prospector (LP); Loan Score Card FHA findings and USDA’s Guaranteed Underwriting System (GUS).

  • Mortgage Loans may be underwritten through an Automated Underwriting System (“AUS”) – Fannie Mae’s Desktop Underwriter (“DU”) or Freddie Mac’s Loan Prospector (“LP”), or manually underwritten according to the criteria established for the applicable loan product.

  • Actual Desktop Underwriter and Loan Prospector usage plateaued at a lower level than the GSEs had anticipated following agreements they made to purchase loans underwritten using other software.

  • Presentations were made regarding several operating systems, as well as the Federal National Mortgage Association's (Fannie Mae's) Desktop Underwriter and the Federal Home Loan Mortgage Corporation's (Freddie Mac's) Loan Prospector.

  • As used herein, the term “Appraised Value Alternative” means with respect to (i) refinanced Mortgage Loans underwritten with the use of the Xxxxxx Xxx direct underwriting system with respect to which a property inspection waiver has been issued, (ii) Xxxxxx Xxx “DU Refi” Mortgage Loans and (iii) Freddie Mac “Open Access” Mortgage Loans, the value entered by Seller into Fannie Mae’s Desktop Underwriter or Freddie Mac’s Loan Prospector system, as applicable.

  • Loans which the automated underwriting system detects as failing compliance with such underwriting guidelines are typically identified and forwarded to other more senior underwriters for further documentation and/or customer review to make a final underwriting approval or denial decision.Automated underwriting systems can consist of mortgage guaranty insurer internal automated systems or GSE agency underwriting systems such as Fannie Mae’s Desktop Underwriter or Freddie Mac’s Loan Prospector.

  • The next most common deficiency was inaccurate data entered into Loan Prospector, our automated underwriting system.

Related to Loan Prospector

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