Freddie Mac announces new tools for mortgage pros

by Ryan Smith01 Apr 2016
Freddie Mac announced Thursday that it’s adding new tools to its Loan Advisor Suite in order to deliver “a superior customer experience.”

The new tools – Loan Closing Advisor, Loan Product Advisor, and Business Intelligence, will “make Loan Advisor Suite a flexible, end-to-end loan delivery solution that can increase lender efficiency and provide earlier insight into representation and warranty relief,” Freddie Mac stated in a release.

The suite of tools is slated for a phased rollout this summer. According to Freddie Mac, users will be able to move seamlessly between the Loan Advisor Suite functionalities, helping them to solve production issues before the loan closes or is delivered.

“We designed Loan Advisor Suite with lenders to help lenders focus their resources on specific areas of potential risk, thereby increasing their efficiency and potentially reducing their costs – all while providing greater certainty about the quality of their loans,” said Andy Higginbotham, senior vice president and head of Single-Family Strategic Delivery at Freddie Mac. “Together we achieved our shared objective to give our customers greater certainty, usability, reliability and efficiency in manufacturing high quality mortgages.”

“Loan Advisor Suite has a new look and feel that provides a superior customer experience,” said Chris Boyle, senior vice president and head of Single-Family Sales & Relationship Management at Freddie Mac. “The screens are clean and uncluttered. The application icons are intuitive and logically organized. Lenders sign on and then, as different sets of data arrive at different points in the origination process, leverage the right functionality.”

From the release:

Freddie Mac will incorporate the following tools into Loan Advisor Suite when it launches this summer:
  • Loan Product Advisor, the next generation of Loan Prospector®, is the cornerstone of Loan Advisor Suite. The Loan Product Advisor feedback certificate is cleaner, easier-to-understand and shows at a glance a loan's status and potential for earlier representation and warranty relief. Freddie Mac plans additional functionality for Loan Product Advisor later this year. 
  • Loan Closing Advisor is designed to evaluate each loan's closing data for alignment with the Uniform Closing Dataset (UCD). Loan Closing Advisor feedback will help lenders resolve data defects prior to closing and reduce repurchase risk.
  • Loan Collateral Advisor is also going live as part of Loan Advisor Suite's summer rollout. Freddie Mac's Loan Collateral Advisor quickly ranks the likely accuracy of the appraiser's market value using data submitted to the Uniform Collateral Data Portal® and provides real-time feedback and guidance for identifying and resolving appraisal issues. Loan Collateral Advisor's rules-based engine provides insight into eligibility for earlier collateral representation and warranty relief.
  • Business Intelligence is an innovative new capability that pulls data from all of Loan Advisor Suite's applications into a simple snapshot that lenders can use to monitor transaction data. Business Intelligence displays data at the loan or summary level, for one tool or the entire Suite, and is designed to make pipeline reporting, peer comparisons and trend analysis easier.


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