Final answer:
The electronic underwriting system used by Freddie Mac is called Loan Product Advisor (formerly known as Loan Prospector). This system helps evaluate mortgage loan applications by assessing the borrower's creditworthiness and loan risk.
Step-by-step explanation:
The electronic underwriting system used by Freddie Mac is called Loan Product Advisor (formerly known as Loan Prospector).
This system helps lenders evaluate mortgage loan applications by providing a quick and accurate assessment of the borrower's creditworthiness and the risk associated with the loan.
Loan Product Advisor uses various data sources, algorithms, and risk models to determine the eligibility of a loan and provide an automated underwriting decision.