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Ready for real estate loan? New tool helps decide

Housing counselors benefit from Freddie Mac creation

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Mortgage giant Freddie Mac has a new tool to help housing counselors gauge the readiness of first-time home buyers to apply for mortgage loans, the company said today. Loan Prospector Outreach helps housing counselors assess the readiness of their clients to apply for a mortgage and help lenders get more qualified mortgage leads, according to Freddie Mac. "Developing and making Loan Prospector Outreach available is one of the ways Freddie Mac is living up to its mission to expand home-ownership opportunities," said Tricia McClung, vice president of Housing and Community Investment for Freddie Mac, in a statement. "By utilizing the technology of Loan Prospector Outreach we are helping counselors better serve their clients while at the same time helping them become a stronger sourcing channel for lenders," McClung said. To gauge a home buyer's readiness, the housing counselor inputs the client's data into Loan Prospector Outreach, reviews the client's credit history, and conside...