Servicing Guide

Published October 14, 2020

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SMDU™ UI MI Termination Servicer User Guide September 2020 – SMDU Loan Evaluation and Decision Results

This section is where a servicer submits a loan to SMDU for evaluation/re-evaluation and/or finds the SMDU evaluation decision results.  

An Eligible SMDU evaluation decision will be displayed with a green checkmark and a Passed message.  An Ineligible decision will be displayed with a cross mark and the applicable reason(s) for ineligibility will be displayed as a Failed message(s).  The respective Decision Results and Loan Details sections will be updated accordingly. 

A blue question mark indicates SMDU has not yet decisioned the loan

MI Termination Based on Original Value:

If a loan has never been evaluated by SMDU when a servicer enters in the loan number it will automatically be evaluated for MI Termination Based on Original Value using the AVM value, when available.  

If after the initial SMDU evaluation a servicer updates an applicable data field(s) within the Loan Details section SMDU will automatically re-evaluate the loan. Refer to the Date Update(s) Required section for more information.

SMDU will also automatically re-evaluate a loan if the Property “As Is” Value Amount is determined by a completed BPO or an appraisal because the AVM could not be used in the evaluation.

Below is an example of loan that is Eligible for MI Termination Based on Original Value

NOTE:  After the initial SMDU evaluation a servicer can submit the loan to SMDU for re-evaluation, when applicable.

NOTE: When a loan is evaluated for MI Termination Based on Original Value using an SMDU-provided AVM a servicer must include the following verbiage in the communication to the borrower. This verbiage is part of the information that is returned in the SMDU evaluation response (blue border per the screen shot above).

MI Termination Based on Current Value

When a loan is Eligible for MI Termination Based on Original Value, then Current Value will be Ineligible and display the message shown in the example below.

When a loan is being evaluated for MI Termination Based on Current Value, which uses the Property “As Is” Value Amount determined by a completed BPO or appraisal, SMDU will automatically decision the loan (servicer does not need to submit the loan to SMDU for evaluation).

 

When a loan is being evaluated for MI Termination Based on Current Value, which uses the Property “As Is” Value Amount determined by a completed BPO or appraisal, SMDU will automatically decision the loan (servicer does not need to submit the loan to SMDU for evaluation).

NOTE:  After the initial SMDU evaluation a servicer can submit the loan to SMDU for re-evaluation, when applicable.

Current Value with Substantial Improvements

When a loan is Eligible for MI Termination Based on the Original Value, then the Current Value with Substantial Improvements will be Ineligible and display the messages shown in the example below.

When a loan is being evaluated for MI Termination Based on Current Value with Substantial Improvements, which uses the Property “As Is” Value Amount determined by a completed BPO or appraisal, SMDU will automatically decision the loan (servicer does not need to submit the loan to SMDU for evaluation).

NOTE:  After the initial SMDU evaluation a servicer can submit the loan to SMDU for re-evaluation, when applicable.

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