The June 2023 Loan Quality Advisor® releases include feedback messages to help clarify total loan to value/home equity combined loan to value (TLTV/HTLTV), an update on sales contract vs. concession mismatch and Credit Reporting Companies (CRCs) and Technical Affiliates (TAs) biannual updates. Here’s what’s new:

Updated Message Matrix for TLTV/HTLTV

We added two new messages to provide more clarity around total loan to value (TLTV) and home equity combined loan to value (HTLTV) amounts – particularly when the submitted amounts don’t match the amounts calculated by the tool. When these amounts don’t match, it will result in an Incomplete Risk Assessment result. NOTE: These message updates were previously announced as effective April 2, but were delayed until June 4. View the updated messages here.

Sales Contract vs. Concession Mismatch

Starting June 27, when a purchase price doesn't match the Loan Product Advisor® (LPASM) sales contract net sales concession amount, customers will see a critical purchase eligibility edit.

CRC and TA Biannual Updates

The Credit Reporting Companies (CRCs) and Technical Affiliates (TAs) biannual updates were released.

Changes include:

  • Removing Factual Data as a CRC (the CRC retired this platform on March 1, 2023)
  • Deleting DataFacts Lending Solutions by Xactus as a TA
  • Revising TA information

For more information, review the June Loan Quality Advisor Release Notes.