School may be out for the season, but we’re not on summer break from making continuous enhancements and improvements to the tools and technology you depend on. Grab your sunnies, iced coffee and read the latest enhancements to Loan Closing Advisor® and Loan Product Advisor®. These improvements were created to help you assist more borrowers – and to give you an edge over the competition. That’s the Freddie Edge®.

Loan Closing Advisor® August Enhancements

On February 15, 2022, Freddie Mac and Fannie Mae (the GSEs) announced in the Uniform Closing Dataset (UCD) Specification Impact Memo that changes to UCD requirements were being implemented to align with Genworth Mortgage Insurance Corporation’s announcement on February 7, 2022 that they would now be doing business as Enact Mortgage Insurance Corporation.

The UCD file was updated to add “Enact” as a valid value for Mortgage Insurance (MI) Mortgage Company. Effective August 1, 2022, submissions to Loan Closing Advisor® that contain a value of “Genworth” as an MI Company Name value will receive new and updated messaging notifying you that “Genworth” is no longer a valid value.

Review the Loan Closing Advisor August 1 release notes for more details.

Loan Product Advisor® (LPASM) July Enhancements

Rent Payment History Considered in LPA’s Credit Assessment

Great news! Freddie Mac recently announced that rent payments will be considered in the LPA credit assessment for initial loan submissions on and after July 10, 2022. This enhancement is a game changer for so many first-time homebuyers as we work to help expand homeownership opportunities for qualified borrowers.

To get started, read full details in our Seller/Servicer Guide (Guide) Bulletin 2022-15, check out free webinar and training resources developed with your needs in mind, and see the feedback messages  impacted by this LPA enhancement.

After reviewing all the resources, if you still have questions, contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE).

LPA July Release Notes

In addition to the LPA rent payment history enhancement being added in July, we’ve also updated the ACE+ PDR (automated collateral evaluation plus property data report) program and expanded our Freddie Mac HFA Advantage® offering.

Check out the July LPA release notes and a summary of the LPA feedback messages effective in July.