SMDU cannot evaluate balloon loans, bi-weekly loans, or daily simple interest loans.
Loans with the following characteristics may be submitted to SMDU via the SMDU UI:
- FHA/VA or other government loan
- First liens
- Conforming loan amounts
- Pre-workout product type of fixed rate, step rate or adjustable-rate mortgage (ARM) (including interest only and negatively amortizing loans)
- Fannie Mae must have an investment interest in the loan (MBS or portfolio)
- Monthly payments (no bi-weekly mortgages)
For additional information refer to the: Fannie Mae Workout Types Evaluated by SMDU section of the SMDU UI User Guide.