There is no cost to the borrower or the servicer for a MI termination evaluation based on the Original Value that is successfully processed through SMDU using Fannie Mae’s AVM. If a borrower’s Original Value evaluation for termination is denied due to an AVM not being available, doesn’t meet the required confidence score, and/or can’t be used in the evaluation, and a BPO or appraisal is subsequently ordered, it is at the expense of the borrower. As of September 1, 2019 a servicer must order the BPO or appraisal via SMDU.
Below are the applicable costs for a BPO or appraisal.
|Appraisal two- to four-unit||$750|
For one unit properties: When the servicer receives the fee for the valuation from the borrower, the servicer must order a BPO, or appraisal if the servicer determines it’s required by law, using SMDU.
For two- to four-unit properties: When the servicer receives the fee for the valuation from the borrower, the servicer must order an appraisal using SMDU.