October Loan Product Advisor Releases and Message Improvements
October Loan Product Advisor Releases
We’re enhancing Loan Product Advisor® (LPASM) to provide you with expanded options with LPA asset and income modeler (AIM), the Supplemental Consumer Information Form (SCIF) and more, so you can support more qualified borrowers effectively and efficiently.
October’s releases include:
- Adding a new third-party service provider, AccountChek® by Informative Research, to AIM for asset and income assessment so you can help more qualified borrowers.
- Updating feedback on Equifax reports to receive the same 10-day pre-closing verification (PCV) messages, regardless of report type.
- Enabling direct users of LPA to send SCIF data (if available) to fulfill requirements as outlined in Guide Bulletin 2022-15.
- Providing better representation of a borrower’s credit report status on the LPA Feedback Certificate by showing the updated status when credit has to be reordered or reaccessed for more than one borrower.
For the full details, read the October LPA release notes.
Additional Feedback Message Improvements
We’re improving feedback messages for the following topics to provide you more clarity and transparency on what action to take next:
- Down payment funds required for Federal Housing Administration (FHA) purchase transaction loans.
- Representation and warranty relief for direct deposit.