Q1 2023 Loan Quality Advisor Releases
Note: The messages related to total loan to value (TLTV) and home equity combined total loan to value (HTLTV) will not go live on April 2, 2023 as previously noted in this article.
The Q1 2023 Loan Quality Advisor® releases include updates that help you better identify affordable product eligibility, clarify feedback messages around total loan to value/home equity combined loan to value (TLTV/HTLTV) and deliver new functionality to simplify your process. Here’s what’s new:
PDF Export Results
Starting January 29, 2023, users accessing Loan Quality Advisor via the graphical user interface (GUI) through the Freddie Mac Loan Advisor® portal now have the flexibility to export assessment results to PDF. The Loan Quality Advisor user guide and online help feature have been updated.
We’re improving the export feature to provide additional support for lenders with sub-Servicer relationships. Effective February 26, 2023, in addition to the Seller loan number, the exported data will also include the Servicer loan number.
In this same release, to help you better identify opportunities for affordable loan products, we’re adding the following new fields to the assessment results:
- Area Median Income %
- Alterations and Repairs Amount
- Energy Improvement Amount
- High Cost Area
- Rural Area
- High Needs Rural Region
- Loan Program Identifier(s)
If you access Loan Quality Advisor through a system to system (S2S) software provider integration, you’ll have to upgrade your integration once your partner has built to the latest specification. Please confirm that your software provider has built to the latest Loan Quality Advisor specification.
Updated Message Matrix for TLTV/HTLTV
Effective April 2, 2023, you’ll have more clarity into when total loan to value (TLTV) and home equity combined loan to value (HTLTV) amounts submitted to Loan Quality Advisor don’t match the amounts calculated by the tool. When these amounts don’t match, you’ll receive an incomplete Risk Assessment result. View the message updates.
Masking of SSNs for Additional Data Security
Also, effective April 2, 2023, we’ll begin masking social security numbers (SSNs) in the export file for an additional layer of data security.