Loan Prospector System-to-System and Browser Access Methods
May 4, 2012
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To: Software developers who built the Loan Prospector system-to-system or browser access methods
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This specification bulletin addresses updates which include the removal of Landsafe as an option for merged
credit and changes required for Federal Housing Administration (FHA) loans in Loan Prospector®. No
regression testing is required for this update. Please include the revisions in your system’s next scheduled
release.
Update for Credit Reporting Company LandSafe
On March 31, 2012, LandSafe Inc. terminated the access of all non-Bank of America customers for
merged credit in Loan Prospector. Notification was provided to those customers who were granted
limited access after January 31, 2012 for the sole purpose of reissuing existing credit report requests. If
users request LandSafe after this date, they will receive the following error message in Loan Prospector:
V6 - The CRC requested is not a valid option for this seller
Please remove the credit reporting company (CRC) code of B = (LandSafe) from your system. It will be
removed from the Loan Prospector specifications
FHA changes being implemented in July 2012
We will be implementing changes in Loan Prospector on July 15, 2012 to support the July 21, 2012 FHA
requirements. In response to the changes outlined in the FHA developers’ guide, we have made the following
changes to the Loan Prospector specification:
1. Must capture the values of the Gift Letter Sources for FHA loans. In order to capture the new values
listed below, the conditionality for field “Down Payment Source Description” is revised to be
Conditional IF "MortgageType" is FHA AND Down Payment "Type" is GiftFunds AND Asset Type
of "GiftsTotal" has at least one _CashOrMarketValueAmount that is greater than 0.
2. The following valid values must be added to capture the Gift Letter Sources. You will send the
numeric value within the XML file for the field _SourceDescription:
00 - N/A
01 - Relative
03 - Government Assistance
06 - Employer/Other
15 - Nonprofit/Religious/Community – Non-Seller Funded
3.
Require the Estimated Closing Cost Amount. The conditionality for the field Estimated Closing Costs
Amount will now be Conditional IF MortgageType = “FHA”
4.
Include the following new Review and Error messages to be returned in Loan Prospector feedback
messages by FHA.
For review rule 09 Loan Prospector shall return risk message code – FK - “Current Housing Expense exceeds Monthly
Income.” This should come back on REFER findings only.
For review Rule 11 Loan Prospector shall return risk message code – FM - “Seller Concession Amount exceeds 6% of
Sales Price.” This should come back on REFER findings only.
For review Rule 12 Loan Prospector shall return risk message code – FL - “1 or more x30 late mtge pmt last 12 mos. & cashout refi. This should come back on REFER findings only.
For review Rule 13 Loan Prospector shall return risk message code – FQ - “One or more borrowers without an available
credit score.” This should come back on REFER findings only.
For error code 440 Loan Prospector shall return a Data Transmission Errors code – FN “Required Investment must be
greater than Negative Loan Amt.”, for FHA loans that score Incomplete due to missing required field.
For Error Code 445 - FHA purchase Loan Prospector shall return a Data Transmission Errors code – FP - “ReqdInvest > 120% of (lesser
SalesPr or ApprVal) – MtgeAmt.”, for FHA loans that score Incomplete due to missing required
fields.
For Error Code 445 - FHA Refinance -Loan Prospector shall return a Data Transmission Errors code – FC - “Required Investment must be
<= to $999,999.00 on Refinance.”, for FHA loans that score Incomplete due to missing required
fields.
For Error Code 460 Loan Prospector shall return a Data Transmission Errors code – FR – “Down Pymnt must be <150%
of: Sales Price - (Mtg Amt - MIP).”, for FHA loans that score Incomplete due to missing required
fields.
For Error Code 465 Loan Prospector shall return a new Data Transmission Errors code –, FS, - “Total Fixed Payment
must be between $0 and Monthly Income.”, for FHA loans that score Incomplete due to missing
required fields.
For Error Code 475 - FHA purchase Loan Prospector shall return a new Data Transmission Errors code – FT - “Estimated Closing Costs >
20% of Sales Price on Purchase.”, for FHA loans that score Incomplete due to missing required fields.
For Error Code 475 - FHA Refinance Loan Prospector® shall return a new Data Transmission Errors code – FA – “Estimated Closing Costs
> 20% of Appraised Value on Refi.”, for FHA loans that score Incomplete due to missing required
fields.
For Error Code 480 Loan Prospector shall return a new Data Transmission Errors code – FX -“Seller Concession Amt
must be => $0 and < 20% of Sales Pr.
For Error Code 485 - FHA purchase Loan Prospector shall return a new Data Transmission Errors code – FY - “Borr Paid Closing Costs >
20% of Sales Price on Purchase.”
For Error Code 485 - FHA Refinance Loan Prospector shall return a new Data Transmission Errors code – FB -“Borr Paid Closing Costs >
20% of Appr Value on Refinance.”
New Invalid Loan Prospector® Messages
Loan Prospector will return a new Invalid Message code – FZ – “Source of Gift fund provided is not
valid, please re-verify”. This will be returned if invalid mapping of established choices: 00=N/A,
01=Relative, 03=Government Assistance, 06=Employer/Other, 15=NonProfit/Religious/CommunityNon Seller Funded
Loan Prospector shall return a new Invalid Message code – CM – “Estimated Closing Costs Amount
must be >0”.
We will notify you when the CTE (Customer Test Environment) has been updated to include the changes we
have addressed in this specification bulletin. We expect to implement these changes in CTE in early July
2012. If you have any questions and would like to discuss this in more detail, please contact your Loan
Prospector Technology Relationship Manager or Vendor Relationship Manager.