Freddie Mac to Launch New Lending Tools

WASHINGTON – Freddie Mac is expected to announce additional lending tools on its loanprospector.com Web site on Dec. 8. The enhancements will allow basic loan data to be shared among third-party service providers involved in the loan process. The enhancements to the loanprospector.com Web site will include: *an online fulfillment management service that allows mortgage lenders and brokers to order appraisals, flood determinations, title products and property surveys from vendors through one Web site; *an updated design based on the standard industry loan application format that’s designed for easy data entry and includes the ability to transfer loan application data from one business process to the next; *more credit information. The FICO-based credit-counseling tool from Equifax will be able to be used by loan originators to assist their borrowers in understanding their credit scores and the factors influencing them.