Correspondent Assignment Center Retiring December 3, 2022
Effective December 3, 2022, we’re retiring Correspondent Assignment Center. At that time, third-party originators (TPOs) and Freddie Mac authorized Sellers will no longer be able to assign loans to, and share data with, aggregators through the tool, either via system-to-system (S2S) instances or the graphical user interface (GUI) in the Freddie Mac Loan Advisor® portal.
What’s the Alternative?
We’ve developed an application programming interface (API), Loan Advisor Data Share, that aggregators can build and offer their TPOs as an alternative to Correspondent Assignment Center.
Loan Advisor Data Share provides the same data sharing benefits, but with the added benefit of a lightweight S2S connection outside of a loan origination system (LOS), with no GUI.
Even more importantly, it removes the need for TPOs to assign loans and allows aggregators to access Loan Advisor request and response data with key identifiers shared by their TPOs.
Loan Advisor Data Share can provide value through a number of use cases, including:
- Supplementing your quality control (QC) process to verify imaged loan file data against data submitted to Loan Advisor.
- Accessing Loan Advisor data outside of an LOS to help drive workflow.
- Bypassing “stare and compare” review and automating your process by accessing critical data.
- Validating data consistency between submitted Loan Product Advisor® (LPASM) data and loan file data.
- Enhancing collateral underwriting and collateral QC processes.
- Validating loans have met the Uniform Closing Dataset (UCD) mandate and are eligible for sale.
- Reviewing summary results for representation and warranty relief and purchase eligibility.
How Do I Prepare for December 3?
If you’re a TPO (or an authorized Seller who uses Correspondent Assignment Center to assign loans), we encourage you to contact your aggregator as soon as possible for further direction on how you can share loan information on and after December 3, 2022.
If you’re an aggregator, you’ll need to implement an alternative. Check out our Developer Portal and request access, so you can learn more about Loan Advisor Data Share and how we can help you quickly and easily build it. No matter what solution you use going forward, we encourage you to contact your TPOs as soon as possible to provide them with further instructions on how to share loan information with you on and after December 3, 2022.