Servicing Guide

Published October 14, 2020

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SMDU™ UI MI Termination Servicer User Guide September 2020 – Data Update(s) Required

Data Update(s) Required

If a data field can be updated there will be an Edit icon next to it.  To update a data field, follow the steps below:

1. Click Edit icon of the applicable data field within the Loan Details section.

 

NOTE:  The data fields that can be updated, when applicable are:  Is Loan Current?,  Number of 30 Days or More Past Due in the Last 12 Months, Number of 60 Days or More Past Due in the Last 24 Months Property Usage, Property Number of Units, Total UPB and/or Disaster Attestation. 

NOTE:   If a loan has been assumed the servicer should complete the Loan Assumption Date data field.

 

Result: An “Update Worksheet” pop-up box appears.

NOTE: Update the data field when applicable.

NOTE: The title of the worksheet corresponds with the data field on the Loan Details section.

NOTE: The “Fannie Mae Data” section is the data SMDU pulls from Fannie Mae resources. This data will not change even when a servicer updates data in the “SERVICER UPDATE(S)” section. This enables a servicer to always know the original Fannie Mae data.

NOTE: The “SERVICER UPDATE(S) section is where the servicer will update their data, including the reason for the update.  When a servicer selects the applicable reason for the data update from the dropdown menu a definition of that reason will appear to the right of the box. 

 

2. In the Worksheet select the applicable Reason(s) for updating the data field.

3. Click blue Update button.  This updates the data that SMDU will use in the evaluation

       NOTE: If there is already a valuation (AVM, BPO, or Appraisal) SMDU will evaluate the loan for

        MI Termination.

       NOTE: By clicking on the Update button the Servicer represents and warrants the accuracy and integrity of this updated data that will be used in the evaluation.  Servicer shall document the loan servicing file accordingly.

 

Result:  When a servicer has successfully updated the Fannie Mae data field a superscript “star” will appear to the right of the updated data field.

 

NOTE: The Servicer is responsible for the accuracy of updated data.

NOTE: Refer to the FAQ’s for more information on a servicer’s responsibility for updating data.

 

3. Click Evaluation.

NOTE: This will generate eligibility results.

 

Reverting an Update Back to Original Fannie Mae Data

If a data field was updated in error, it can be reverted to the original Fannie Mae data by following the steps below:

1. Click appropriate data field icon 

 

2. In the Worksheet click Select from the dropdown.

 

3. Click blue Update button.  This action reverts the data back to the original Fannie Mae data.

Result: The “superscript star” that denotes an updated field no longer appears, and the data was updated back to the original Fannie Mae data.

 

NOTE: The Comments box is for a servicer’s use only.  Currently, Fannie Mae will not review nor respond to any information provided in this section.

NOTE: Click into the Comments box to add information and click Update button (Update button will turn blue once content is entered into the Comments box).

4. Click Evaluation.

NOTE:  When on the Evaluation page the Evaluation icon is blue (vs red) and more prominent than the other icons at the top of the page.

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