Transcription of Processing FHA TOTAL Mortgages - Freddie Mac
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Processing FHA TOTAL Mortgages - Freddie Mac
July 2017 Processing FHA TOTAL Mortgages Introduction This reference contains information to help you process Federal Housing Administration (FHA) Mortgages using Freddie Mac Loan Product AdvisorSM, including information on data entry requirements, obtaining the required merged credit report, completing an assessment and the FHA TOTAL mortgage Scorecard Feedback Certificate. The FHA TOTAL mortgage Scorecard (FHA TOTAL ) is a credit assessment engine developed, housed and maintained by the Department of Housing and Urban Development (HUD) to assess the credit worthiness of FHA borrowers and to predict the default probability of FHA loan applicants. The credit data used in the assessment and FHA TOTAL results are FHA proprietary information and are passed through Loan Product Advisor. Loan Product Advisor provides access to FHA TOTAL and then presents the FHA TOTAL results.
Before using Loan Product Advisor with FHA TOTAL to assess FHA loans, you must be an FHA-approved broker or lender. Only FHA-approved Direct Endorsement lenders can deliver mortgages to FHA for endorsement.
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