Under FNMA, which program is used by brokers?

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Prepare for the NMLS Laws and Regulations Test with multiple choice questions and detailed explanations. Enhance your understanding and get ready to ace your exam with confidence!

Multiple Choice

Under FNMA, which program is used by brokers?

Explanation:
For FNMA loans, brokers use Desktop Originator to prepare and submit loan applications to lenders. Desktop Originator is the broker-facing submission tool that helps collect borrower information, run initial checks, and transmit the file to the lender for processing. Desktop Underwriter is the automated underwriting system used by lenders to evaluate and approve or reject the loan once the file is with them. Loan Prospector is Freddie Mac’s underwriting tool, not FNMA’s. So the broker-focused program for FNMA is Desktop Originator.

For FNMA loans, brokers use Desktop Originator to prepare and submit loan applications to lenders. Desktop Originator is the broker-facing submission tool that helps collect borrower information, run initial checks, and transmit the file to the lender for processing. Desktop Underwriter is the automated underwriting system used by lenders to evaluate and approve or reject the loan once the file is with them. Loan Prospector is Freddie Mac’s underwriting tool, not FNMA’s. So the broker-focused program for FNMA is Desktop Originator.

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