Which automated underwriting system is used for loans that will be sold to Freddie Mac?
Correct Answer
B) Loan Prospector (LP)
Loan Prospector (LP) is Freddie Mac's automated underwriting system, while Desktop Underwriter (DU) is Fannie Mae's system. Each GSE uses its own AUS for loan evaluation.
Why This Is the Correct Answer
Loan Prospector (LP) is Freddie Mac's automated underwriting system, while Desktop Underwriter (DU) is Fannie Mae's system. Each GSE uses its own AUS for loan evaluation.
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A lender's appraisal management company (AMC) maintains a panel of approved appraisers. The AMC removes an appraiser from the panel after the appraiser consistently provides valuations that are lower than expected. This action is:
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