Under FHLMC, which program is used by lenders and brokers?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Prepare for the NMLS Laws and Regulations Test with comprehensive flashcards and multiple-choice questions. Each question is crafted with hints and detailed explanations to aid understanding and help you excel in your exam!

Multiple Choice

Under FHLMC, which program is used by lenders and brokers?

Explanation:
Loan Prospector is Freddie Mac’s automated underwriting system that lenders and brokers use to evaluate a loan’s eligibility for Freddie Mac purchase. It analyzes borrower and property data and returns a credit risk assessment with any required conditions. Desktop Originator is a point‑of‑sale tool that helps gather and submit loan data (often to LP), while Desktop Underwriter is Fannie Mae’s underwriting system, not Freddie Mac’s. Therefore, the program used by lenders and brokers for Freddie Mac underwriting is Loan Prospector.

Loan Prospector is Freddie Mac’s automated underwriting system that lenders and brokers use to evaluate a loan’s eligibility for Freddie Mac purchase. It analyzes borrower and property data and returns a credit risk assessment with any required conditions. Desktop Originator is a point‑of‑sale tool that helps gather and submit loan data (often to LP), while Desktop Underwriter is Fannie Mae’s underwriting system, not Freddie Mac’s. Therefore, the program used by lenders and brokers for Freddie Mac underwriting is Loan Prospector.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy