Servicing Guide

Published September 9, 2020

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What is the cost to the borrower when evaluating an MI termination request based on Original Value?

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.

Valuation Type Cost
BPO $150
Appraisal one-unit $325
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.

 

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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