Loan Prospector (LP)

A Loan Prospector (LP) is an automated underwriting system of Freddie Mac. Once we receive your Home Loan Application, the contents of the application are transferred to the Loan Prospector for analysis and quick approval, whether or not the your home loan application meets the guidelines set by Freddie Mac. 

The Loan Prospector (LP) determines the borrowers ability to repay and the guidelines of Freddie Mac by taking into account the loan amount, subject property for purchase, Income, Assets, Liabilities, Debt to Income ratio (DTI) and other aspects to issue a quick approval based upon the contents of the Uniform Residential Loan Application. The Loan Prospector (LP) is also integrated with third party vendors to make the process efficient and to verify whether or not the borrower's financial situation conforms to the guidelines of Freddie Mac.

Fannie Mae's underwriting system is known as the Desktop Underwriter (DU). Both the Desktop Underwriter (DU) and the Loan Prospector do the same thing, however they use a slightly different matrix to analyze the borrower's credit report. 

Having one system does the job, however in some cases, if one system denies the loan, we run your application through the second system to seek a quick approval.