Final answer:
Loan Prospector (LP) is primarily used for conventional loans and is not used for VA loans, FHA loans, or commercial loans.
Step-by-step explanation:
Loan Prospector (LP) is a software tool used by lenders to assess the creditworthiness of borrowers. It is primarily used for conventional loans, which are mortgage loans that are not guaranteed or insured by the government. LP is not used for VA loans, FHA loans, or commercial loans.