Housing finance agency Freddie Mac announced the launch of its new online tool, Loan Quality Advisor, which gives lenders an automated way to identify credit, data and purchase eligibility issues before they deliver loans to the agency.
The government-sponsored agency released the tool to help lenders spot and fix potential problems earlier in the loan manufacturing process, Freddie Mac said.
Additionally, the tool gives lenders further certainty in the loans they sell to Freddie Mac.
"Loan Quality Advisor gives lenders fast, transparent feedback they can use to aid their loan manufacturing processes and take fuller advantage of Freddie Mac’s new representation and warranties framework," said Mike Dawson, vice president of customer business services with Freddie Mac.
He added, "By using Loan Quality Advisor, our customers can enjoy Greater Purchase Certainty when they do business with Freddie Mac. Giving lenders greater certainty and comprehensive support is at the center of Freddie Mac’s customer mission."
The firm announced that Loan Quality Advisor’s three individual services -- loan prospector data compare, purchase eligibility and risk assessment -- will be phased in over the coming months, and registration will be phased in for all Freddie Mac customers.