The Latest News on Loan Product Advisor and Message Improvements
September Loan Product Advisor Enhancements
September Loan Product Advisor® (LPASM) releases include enhancements to help you streamline the underwriting process and to stay current on the latest Single-Family Seller/Servicer Guide updates. These changes can assist you in better supporting more qualified borrowers with additional opportunities to make home ownership affordable in the communities you serve. This month’s enhancements include:
- Improved loan assignment functionality that allows you to view credit data and LPA Feedback Certificates for loans assigned to you without requiring you to first resubmit the loan.
- New Duty to Serve loan program identifiers (LPIs) that help control purchase prices of home sales, ensuring lasting affordability for borrowers with low or moderate incomes.
- Changes to Supplemental Consumer Information Form (SCIF) requirements as outlined in our July 6 article.
- Updated ARM qualifying PITI rate calculation to round numbers per the Guide.
Additional Feedback Message Improvements
In addition to the September Release messages, we’re updating the following additional messages:
- LPA asset and income modeler (AIM) for income using direct deposits – effective November 12.
- Aligning with manufactured housing with Freddie Mac Affordable Seconds® updates announced in Guide Bulletin 2022-15 – effective November 16.
- Aligning with gift funds changes announced in Guide Bulletin 2022-18 – effective November 16.
- Message improvements to provide more clarity and transparency in what to do next – effective December 11.
Rent Payment History Now Considered in LPA’s Credit Assessment
Did you hear the great news? This enhancement is a game changer for so many first-time homebuyers as we work to help expand homeownership opportunities for qualified borrowers. Join us for a free training opportunity to learn how you can help more clients support their borrowers.
What: Rent Payment Assessment with Loan Product Advisor Webinar
When: October 5, 2022, 2 - 3:00 p.m. EST
If you can’t make this date, we have more than one session option. Book your spot today!