Freddie Mac’s new Loan Advisor Suite is a one-stop, online shop for lenders to gain better insight into the loans they are producing and selling to Freddie Mac. Designed as a portal with a single sign-on capability to access Freddie Mac’s collection of tools, each web-based application works with a range of browsers, providing easily accessible lending tools for every step of the loan process.
“We designed Loan Advisor Suite with lenders for lenders. Their objectives were our objectives: greater certainty, usability, reliability, and efficiency,” said Chris Boyle, senior vice president of single-family sales and relationship management at Freddie Mac.
Loan Advisor Suite empowers lenders to automate data management and receive alerts when a loan has a higher risk, allowing them to act quickly to resolve issues.
Loan Advisor Suite includes:
• Loan Product Advisor, the cornerstone tool of the Suite, allows underwriters to easily access Freddie Mac’s credit requirements and credit risk to assess the loan’s overall underwriting risk. Lenders can quickly and easily receive clear underwriting feedback for faster processing. Its intuitive and easy-to-navigate user interface brings efficiencies to the underwriting process.
• Loan Collateral Advisor is an appraisal assessment tool that promotes better appraisal quality by analyzing appraisal reports and providing real-time risk assessment feedback on appraisals. Also, any appraisals submitted to the Uniform Collateral Data Portal (UCDP) will seamlessly and automatically integrate with Loan Collateral Advisor.
• Loan Quality Advisor is a risk and eligibility assessment tool used to evaluate loan data to help lenders determine if a loan is eligible for sale to Freddie Mac. Features include enabling lenders to validate Loan Product Advisor results by offering a comparison view of the current loan data against the loan data submitted in the last Loan Product Advisor submission.
• Loan Closing Advisor allows lenders to close loans with more efficiency and confidence. The tool helps lenders validate their closing data against the Uniform Closing Dataset (UCD) and provides feedback messages on data quality to help lenders identify and resolve closing data defects quickly.
The tool acts as a fact-checker for the loan, providing eligibility information in relation to closing data, as well as helping the lender save time and money by identifying errors before a loan is closed. Lenders will be required to deliver the UCD in the third quarter of 2017.
• Loan Coverage Advisor calculates and tracks the selling representation and warranty relief date for each loan sold to Freddie Mac, based on the reps and warranty framework. The application also allows users to search for critical loan-level information and quickly generate reports or export data.
• Selling System, Freddie Mac’s online system for purchasing mortgages, brings together pricing, contracting, loan delivery and allocation, note certification and settlements into a single, easy-to-use system. The Selling System also provides real-time price quotes so the best execution can be determined. The tool is capable of single or multiloan deliveries through its own interface or by importing an XML file.
• Business Intelligence is a new capability within Loan Advisor Suite. The tool uses interactive dashboards to report on loan activity during the manufacturing process. Business Intelligence also offers its users reports on loan submission quality and identifies issues so users can see if there are any consistent problems within various time ranges.
“With Loan Advisor Suite, we’ve created several game-changing solutions designed to give our customers a better way to maximize their operational efficiency,” said Andy Higginbotham, senior vice president of single-family strategic delivery.
Chris Boyle, SVP, Single-Family Sales & Relationship Management
In this capacity, Boyle has responsibility for sourcing Freddie Mac’s single-family business, which includes national lending, regional lending, community lending, and corporate accounts. In her position, she also oversees all customer engagement activities
Andy Higginbotham, SVP, Single-Family Strategic Delivery
Andy Higginbotham is the senior vice president of strategic delivery in the single-family organization. He is responsible for the development and management of Single-Family Strategic Initiatives from concept through implementation, maintenance and enhancement.
Higginbotham leads several multiyear initiatives focused on transforming Freddie Mac’s business, including Loan Advisor Suite, Pricing Execution, the Common Securitization Platform, Single Security and Investor Reporting.