Invalid File Format Errors
These errors can be caused by any of the following problems.
Duplicate Social Security Numbers
- Go to the Borrower Information screen.
- Verify the social security numbers for the Borrower and Co-borrower are not the same and are filled in completely with all digits.
- From the menu bar, select Bor/Co-bor.
- Verify the Co-borrower 1 is not a duplicate borrower.
Credit Company/Seller Service Number
The generic Freddie Mac seller service number is 121555.
- Go to Interfaces > Freddie Mac > Loan Prospector.
- Click the Setup button in the bottom right hand corner of the screen.
- Select a credit company.
- Enter the Seller Service Number (if you do not know the seller service number, please contact Freddie Mac).
- Click OK.
- Submit to LP.
Property Addresses not properly matched to Mortgage Liability
- From the menu bar, click Interfaces > Freddie Mac > Addendum.
- Scroll down to the REO section.
- Note the upper portion for property addresses and the lower portion for liabilities.
- Verify that all property addresses are matched accordingly to their mortgage liability.
- Highlight the property address.
- Click on the mortgage liability that is associated with this property address and click Match (this will put a 1 and 1 next to both the address and the liability).
- Do the same for any other property addresses and mortgage liabilities.
- Look for any additional liabilities that might have a number next to it without a matching property address (example: if a revolving liability shows a 1 or a 2 next to the liability, highlight it and click unmatch).
Debts not transferring to Loan Prospector
In order for the debts to successfully transfer to Loan Prospector, verify that the following is completed:
- From the Menu bar, select Interfaces > Freddie Mac > Addendum.
- Verify that the Liabilities are matched with the REO (when applicable).
- Go to Page 3 of the Loan Application and select the liability type from the drop down list of the Liabilities section (example: child care, home equity line of credit, etc.).
- Enter the Months Left for each liability.
- Submit to LP.
Where is the LP Loan Identifer found?
The LP Loan Identifier is the Loan Prospector ID on the Feedback Certificate.
If a loan was submitted to LP by a Third Party Originator using a Loan Origination Software other than Point and the loan was assigned to a wholesaler who uses Point, can the wholesaler enter the LP ID so that the LP Key number carries forward and successfully scores under the existing LP Key number?
Yes, use the Loan Prospector ID on the Feedback Certificate.
3U Invalid Error Messages
- Open the Point file.
- From the Menu bar, select Interfaces > Freddie Mac > Addendum.
- Make sure the Liabilities match the corresponding Real Estate Owned as described in the Property Addresses not properly matched to Mortgage Liability section of this article.
Why do we need to enter a liability description in Point?
A liability type must be identified on Page 3 of the Loan Application in the Liabilities section, per Freddie Mac Loan Prospector. The number of months for all liabilities other than revolving must be completed and show a number of 11 months or higher in order for Freddie Mac to count them in the total debt amount. Revolving type liabilities will be counted in the total regardless.