Welcome to Lending Network! America's Number One Loan Scenario Help Center For The Public Join Our Lending Network Online Community Forum And Ask Your Loan Case Scenarios To Our Moderators & Real Estate Professionals. It takes seconds to become a member. Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum.
Thread Rating:
DU and LP
|
LP stands for Loan Prospector which is Freddie Mac's Automated Underwriting System.
Fannie Mae's standards are easier and more forgiving than Freddie Mac's. Many mortgage lenders only are Fannie Mae approved lenders and not Freddie Mac approved lenders. There are times where you get a referred/eligible per DU FINDINGS and you can run it as LP and see if you can get an approve/eligible per LP FINDINGS. There are many times where you get denied by Fannie Mae and if you run it through Freddie Mac, you will get an approve/eligible per LP FINDINGS.