Servicing Guide

Published September 9, 2020

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If the servicer orders a BPO or appraisal through SMDU to terminate MI and that value is lower than SMDU’s AVM, can the AVM still be used to determine the amount the borrower needs to pay down the UPB

No, once a BPO or appraisal is successfully ordered, that value then becomes the “As Is Value” and must be used for the evaluation.  The BPO or appraisal value is good for 120 days. The 120 day count starts on the date the Valuation Order is completed, which is also the same date SMDU evaluates the loan.  If the borrower disagrees with the BPO or appraised value, the servicer may submit an appeal as long as the criteria is met.  

For more information review the Appeal a Completed Valuation section of the MIT User Guide or the related FAQ "What is the process if a borrower appeals the valuation provided for MI termination using the SMDU UI?"

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