Status/Error Details | Recommendation Status | Caution/Refer | Transaction Processing Issues | Processing Errors
| Tips | Correcting Errors | Subordinate Financing | Processing Point | Liquid Assets
| Missing In-file Repository Info | 'Total Debt' must include PITI

Use the links above to find common issues and solutions for working with LP.com Express.

Status and/or Error Details

1. Click the Status link in Service Manager to open the document viewer.
   

2. A corresponding Feedback Certificate or Error page will provide more information. See the Recommendation Status, Transaction Processing Issues and/or Processing Error definitions below.

Transaction Processing Issues

When the AUS Status is Invalid, Incomplete, or Ineligible, the Transaction Processing Issues information will be displayed. This page will notify you of the reason(s) Loan Prospector could not complete the assessment.

Invalid	An AUS Status of Invalid indicates required loan data is either missing or incorrect. The Invalid Messages page provides the reasons(s) Loan Prospector could not perform the assessment.
Ineligible	An AUS Status of Ineligible indicates the assessment request is ineligible for Loan Prospector processing. This status does not necessarily mean a mortgage is ineligible for sale to Freddie Mac, only that the data cannot be assessed using Loan Prospector. The Ineligible Messages page provides the reason(s) the assessment requested is ineligible for Loan Prospector processing.
Incomplete	An AUS Status of Incomplete indicates Loan Prospector was unable to acquire necessary credit data to perform the assessment. Examples include data transmission errors or instances of multiple disputed trade lines in the in-file credit data.

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Processing Errors

The Loan Prospector Processing Error Messages page indicates which processing error has occured. In the event that you receive the Processing Error Message page after several submission attempts, please contact the eMagic technical assistance center at 888-549-9322.

Processing Error 12	Invalid Seller ID, TPO or Password. Verify and resubmit. This indicates that the TPO number or password entered into eMagic do not match information at Freddie Mac.
Processing Error 21	Invalid Seller/TPO relationship. Verify and resubmit. This indicates that the TPO number and password entered into eMagic are valid, but it is not set up on Freddie Mac’s end with the investor selected.
Processing Error 02	Please Re-submit. Loan Prospector may be unavailable or there may be a TPO setup related issue at Freddie Mac.
Invalid file format	Unable to process file. Invalid file format. Please correct and resubmit. If problem persists, contact your system administrator. Please verify you have entered both a TPO number and TPO Password. See View TPO section below to correct.

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Tips

1. Verify that you have entered both a TPO number and TPO password, and that your TPO has been associated with the lender. What's a TPO?

2. Make sure all borrower information is entered correctly, including name, social security number, age and employment information.

3. Remove any punctuation in the borrower's current address or the subject property address. Use these Address Guidelines for further reference.

4. If you have two unrelated co-borrowers, make sure to enter them on two separate 1003s.

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How to Correct Errors

Correct TPO Errors

1. Be sure to associate your TPO number with your lender.

2. Enter both your TPO ID and TPO password in the LP.com Express data entry page.

Correct Data Entry Errors

1. Enter the correct information in Loan App, click Save/Close to save the information and resubmit the order.
   -OR-

2. Enter the correct information into your LOS, upload the loan again, and resubmit the order.

3. Use the definitions and other information on the LP Troubleshooting page to help correct errors.

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Subordinate Financing

1. Enter HELOC Actual Current Balance or Fixed Second Balance on line j on the Details page of Loan App or ezApp LP.com
   

2. Enter payment information in Other Financing on the Income/PITI page of Loan App or Income/Housing Detail page of ezApp LP.com.
   

3. If the secondary financing is a HELOC, complete the HELOC-related fields on the LP.com Express Data Entry page or the Details page in ezApp LP.com.
   

4. The LP Feedback report will display the LTV/TLTV/HTLTV values.
   

   LTV	Displays loan-to-value (LTV) calculated by Loan Prospector based on the Loan Amount divided by the lesser of Purchase Price or Appraised Value.
   TLTV	Displays total loan-to-value (TLTV) calculated by Loan Prospector based on the Loan Amount plus Subordinate Amount (and HELOC Actual Current Balance if applicable) divided by the lesser of Purchase Price or Appraised Value.
   HTLTV	Displays home equity total loan-to-value (HTLTV) calculated by Loan Prospector based on the Loan Amount plus the HELOC High Credit Amount (and any other secondary financing entered in Subordinate Amount, if applicable) divided by the lesser of Purchase Price or Appraised Value.

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What is the 'Processing Point'?

Processing Point is the point in the loan origination process when LP.com Express is submitted.

• If the subject property address is to be determined, select Prequalification.
• If the subject property address and estimated or actual value are known, select Application Processing.

 

Liquid Assets for the Total Reserves

Liquid Assets do vary by lender guideline and certain loan data. Below are two lists - the Basic Liquid Assets (1) allowed and (2) not used within eMagic.com or eMagic-hosted lender sites.

1. Basic Liquid Assets allowed:

   • Cash Deposits

   • Life Insurance

   • Bank & Investment Assets:

     • Checking Account

     • Cash deposit on Sales Contract

     • Savings Account

     • Gift Not Deposited

     • Cert. of Deposit (Time Dep.)

     • Money Market Fund

     • Mutual Funds

     • Stocks

     • Bonds

     • Secured Borrowed Funds

     • Bridge Loan Not Deposited

     • Retirement Funds

     • Other Liquid Asset

     • Net Equity – Sales of Real Estate

2. Basic Liquid Assets NOT used:

   • Cash on Hand

   • Gift of Equity
     (not supported by LP.com. Use Other Non-Liquid Assets as the asset type, if necessary).

   • Net Worth of Bus. Owned

   • Trust Funds

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Missing In-file Credit Repository Information

Generally LP.com will make a decision on the file, so even though there is missing information, the file is not returned as an error even though the information is missing. With LP.comExpress, Freddie Mac automatically pulls credit information from three repositories: TransUnion, Equifax and Experian. If your LP.com files are missing one or more repository, it is most likely due to a set-up issue at Freddie Mac or the repository. Contact 800-FREDDIE to verify your TPO setup. (If Freddie Mac verifies the TPO set-up, they will contact the repository for further troubleshooting).

Example Error Message:
Eqf Credit Report
Equifax Request Error Customer Reference
Code: 04A Desc: Invalid Security Code - Use Your Correct Code
Eqf END

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LP Invalid – 'Total Debt' must include PITI

Due to a known issue at Freddie Mac, when borrowers have no additional debt the LP.com engine reduces the 'Total Debt' figure by .01.
The resolution is to add a Revolving Liability with $1 payment, $12 balance and 12 months to pay.

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LP.com Express is a service accessing Loan Prospector® a registered trademark of Freddie Mac.