Servicing Guide

Published September 9, 2020

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What is the process if a borrower appeals the valuation provided for MI termination using the SMDU UI?

For a borrower-initiated MI termination evaluation request based on Original Value, SMDU’s AVM values will be updated monthly. However, if an Original Value termination evaluation is completed on a loan, the AVM value will be updated only after 120 days of the evaluation. A borrower may choose to pay for a BPO or appraisal when they believe the AVM value doesn’t accurately reflect their property value. Once a BPO or appraisal is successfully ordered, that value then becomes the “As Is Value” and must be used for the evaluation.  

A borrower-initiated MI termination evaluation appeal of Original or Current Value based on a BPO or appraisal may be initiated via SMDU by selecting “Appeal Initiation Document”. Fannie Mae will require relevant data be submitted to substantiate the borrower’s appeal of the value. The relevant data must have been available as of the date the BPO or appraisal was completed. Information that should be included with the appeal request are:  

  • Fannie Mae loan number
  • Servicer Loan number
  • Full subject property address
  • Borrower name
  • Additional data for review
  • A brief explanation of the homeowner’s concerns

For more information see: Appeal a Completed Valuation” section of the MIT User Guide.

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