This is a single-family/residential course.
MBA Education is dedicated to accommodating today's busy professional by offering short, accessible learning programs that can be completed in less than an hour. Our new module library contain excerpts taken from more in-depth courses. This module is an excerpt from our Basics of Automated Underwriting self-study web-based course.
Loan Product Advisor® (LPA®) is an automated loan evaluation system that makes a purchase decision for Freddie Mac, eliminating many of the manual processing and underwriting requirements of traditional mortgage processing.
LPA can assess almost any type of mortgage application, including conventional/conforming mortgages, conventional/non-conforming mortgages, and FHA and VA mortgages. The focus of this course will be conventional/conforming mortgages. LPA performs an overall evaluation of the credit risks in the mortgage file based on the information provided by the lender and credit repositories, and returns a feedback certificate indicating a risk class of either Accept or Caution and a documentation class of Streamlined Accept or Standard.
This course begins with a review of loans eligible for LPA review, a tour of LPA, and additional training information. Next, it addresses LPA feedback, risk class, and documentation levels. The course goes on to describe LPA requirements related to credit, income, assets, and property. Toward the end of the lesson, LPA resubmission guidelines are covered. The course ends with a case study which allows the participant to practice the information presented in the course.
LPA Feedback, Risk Class, and Documentation Levels
Seat time approximately one (1) hour.