Bloom your business along with the springtime flowers with upcoming Loan Product Advisor® (LPASM) updates. Encourage new growth faster than your competitors by serving an increased number of qualified borrowers with a more efficient loan origination process.

May Loan Product Advisor Releases

May’s releases include:

  • Retirement of the remaining COVID-19 temporary overlays feedback message to align with the policy update in Single-Family Seller/Servicer Guide (Guide) Bulletin 2023-5.
  • Addition of two new feedback messages to notify you when a property is located in a high needs rural region or rural area.

Read full details in the May LPA release notes and check out the full list of May 2023 feedback messages.

Asset and Income Modeler (AIM) for Self-Employed Update

Effective immediately, CoreLogic® and LoanCraft® now accommodates tax extension filing (i.e., Internal Revenue Service (IRS) Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) for the AIM for self-employed offering. LoanBeam® continues to offer this capability. 

The assessment will perform an analysis to determine continued income stability by comparing for consistency the estimated tax liability for the 2022 tax year to tax liability for prior year(s). If consistency is confirmed, the automated income assessment will continue using the older tax return(s). The results of the assessment will be displayed on the LPA Feedback Certificate, including income representation and warranty relief eligibility.

For additional information, visit the AIM for self-employed web page, which will continue to be updated with additional resources as they become available.

Coming in June: Purchase Eligibility Designation Update for Government Loans

Based on customer feedback, we will be updating the purchase eligibility designation for submitted Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) loans from “Ineligible” to “N/A.”

Additional Feedback Message Updates

We’re continuously improving our feedback to provide you with essential information you need to quickly remedy errors and deliver more loans to us. We’re revising, adding and retiring messages related to the following:

  • Data quality – effective April 2, 2023, feedback message DQC0634 was revised to reflect the updated requirement for linking Real Estate Owned (REO) assets to a mortgage liability.
  • Employment and income – effective June 1, 2023, to align with a policy update in Guide Bulletin 2023-6, we’re retiring the message that alerts you to the requirement of Investor Feature Identifier (IFI) H85 in Loan Selling Advisor® when using AIM for income using direct deposits as income documentation.

Click here to view these message updates or visit the Loan Advisor Resources and Learning web page.

We Want Your Input: Enterprise Credit Score Model and Credit Reports Initiative

Freddie Mac and Fannie Mae (the GSEs) are beginning the next phase of the Enterprise Credit Score Model and Credit Reports Initiative (see FHFA fact sheet). The GSEs are asking industry stakeholders for feedback to inform implementation planning. You’re invited to share your feedback through this survey by May 31, 2023.