Loan Selling Advisor October 2023 Updates
We’re continually making enhancements to Loan Selling Advisor® to strengthen your loan delivery. We’ve revised the effective dates for several of these improvements.
Upcoming Maintenance for Freddie Mac Technology Tools
We’re announcing an upcoming extended maintenance window for Loan Selling Advisor, our Selling application programming interface (APIs) and XChange Center.
From 2 p.m. ET on Saturday, October 28 through 12 p.m. ET on Sunday, October 29, all features of Loan Selling Advisor, our Selling application programming interface (APIs) and XChange Center will be unavailable.
Refer to our Technology System Status page for the most up-to-date information about the status of our technology tools. We encourage you to bookmark this page for future reference.
If you have any questions, contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE).
Loan Selling Advisor Warning and Critical Edits Comparing Data in LPA and Loan Quality Advisor®
We’re introducing new purchase eligibility edits in Loan Selling Advisor for loans assessed by Loan Product Advisor® (LPASM) and Loan Quality Advisor. These data integrity checks can help you assess your compliance with Freddie Mac’s purchase eligibility guidelines and reduce the time you spend fixing delivery errors.
Read more about these upcoming data types previously announced in our July 24 and August 18 communications, however please refer to the new effective date for the Purchase Price Amount change, and reminder on the remaining effective dates below:
- Purchase Price Amount (net sales concessions) –Warning edit remains effective. Critical edit to be effective November 6, 2023.
- Project Legal Structure Type – Warning edit effective October 2, 2023, Critical edit effective January 1, 2024.
- Secondary Financing – Critical edit to be implemented later this winter.
Home Mortgage Disclosure Act (HMDA) Data Points Retirement Date Change
In May 2019, we announced the retirement of Home Mortgage Disclosure Act (HMDA) data points (ULDD Sort IDs 608, 609 and 610) and replacement with the new datapoints (ULDD Sort IDs 608.3, 609.1 and 610.5). This year we reminded you of the effective date of October 23, the ULDD Phase 3 old format for these three specific ULDD datapoints, will no longer be accepted and you must use the new format for all newly imported loans.
The date for retirement of the old data points and replacement with new datapoints has been revised and is now effective October 30.
Visit the ULDD FAQs , question five under “Demographic Information” for more details.
Improved Import Loan Processes When You Evaluate Unallocated Loans
In September, we announced an effective date of October 23, for enhancements to our improved validation messages in Loan Selling Advisor when you import and allocate new cash loans. The enhancements will continue to improve your loan delivery experience by ensuring your validation messages are more clear, accurate and actionable.
The date for these enhancements has been revised and is now effective October 30.
We’d love your feedback on these improvements and other enhancements you’d like to see in Loan Selling Advisor. Contact your Freddie Mac representative or our Customer Support Contact Center (800-FREDDIE) to share your feedback.
Critical Edit for Loans with a Project Certified status PAR finding
In August 2023, we announced that effective November 1, Loan Selling Advisor will fire a Critical purchase eligibility edit when ULDD Data Point Investor, Feature Identifier (IFI) (Sort ID 368) is “J97” and ULDD Data Point Project Classification Identifier (Sort ID 42) is not “Exempt from Review.” This new purchase eligibility edit enforces delivery requirements for loans secured by a condominium unit in a condominium project with a “Project Certified” status PAR finding, as outlined in Guide Bulletin 2023-15.
The date for this Critical edit has been revised and is now Q2 2024.