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Captain Pat, Other/Just Looking in Moving

What is an LP or DU Finding? Those terms were used in a real estate article I just read.

Asked by Captain Pat, Moving Tue Oct 9, 2007

The author said that many real estate veterans of 20 years or more wouldn’t know what an LP or DU Finding was if it hit them over the head.

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4
Well Captain Pat let me say thank you for forcing me to educate myself a little bit today. I had no idea what LP or DU referred to and I assumed that it was not finding but a miss spell for funding. Well, I was wrong. Here is what I found out. LP = Loan Prospector while DU = Desktop Underwriter.

The Primary function of the Mortgage Loan Prospector is to make outbound / inbound phone calls from provided database lists to generate and secure mortgage and/or real estate leads. This position is accountable for proactively calling on residential homeowners to discuss their current mortgage situation.

Desktop Underwriter (DU®) is an automated underwriting system and can help automate the loan origination process, take the guesswork out of underwriting, and shave costs and time off your entire workflow. In fact, with DU, lenders can process mortgage loan applications in 15 minutes or less. DU enables all your business channels, including retail, wholesale, correspondent, Internet/call center, and point of sale.

SO Captain, I hope this helps and at the very least thank you for the education.

Linda J Sears
4 votes Thank Flag Link Tue Oct 9, 2007
LP is the terms used for Freddie Mac loans when you submit a file for underwriting. LP allows a higher DTI or credit issues with compensating factors. DU is used under Fannie Mae and is also used in underwriting as a guidline to follow to issue an approval or close and fund a loan.
1 vote Thank Flag Link Fri Aug 24, 2012
Hi Linda. Thank you for researching this for us and sharing the information. I suppose the finding part refers to the result of the LPs calls and the DU's automated process. I am still curious as to the rest of the content of the article and what the relavcance of the abreviations was. Perhaps I shouldn't wonder as I have lived a full life without knowing so far and I guess I just have to make sure that I watch out for those LP and DU findings that might want to hit me over the head.
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Tue Oct 9, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Hi Captain Pat. I can appreciate your frustration with the use of abreviations that are unexplained. I supposed the meaning of LP and DU would depend on the context. I have to admit that I am at a loss myself without knowing what the article was about. I know it was about real estate, but there are so many possible topics, that I find it difficult to figure out what those letters might have meant in the article that you read. Can you give us more info about the context. I am curious myself. I don't understand why an article would use not commonly used abbreviations without at least explaining in a footnote what they mean. Obviously the author knew that some of the audience will not know what they mean.
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Tue Oct 9, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
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