Servicing Guide

Published September 9, 2020

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When in the SMDU UI, is the "If the loan is being assumed, indicate if the assumption qualifies as an exempt transaction" a required field?

The assumption indicator field is be used to inform SMDU if the transfer of ownership qualifies as an exempt transaction.  This field is in the form of the question "If loan is being assumed, indicate if the assumption qualifies as an exception transaction"  and is located on the Borrowers tab. 

 

  1. If applicable, select “Y – Assumption Exempt Transfer of Ownership” to indicate it’s an assumption that qualifies as an exempt transfer of ownership or select “N – Assumption with Non-Exempt Transfer of Ownership” to indicate it’s an assumption that qualifies as a non-exempt transfer of ownership
    1. Note: If the Assumption Indicator provided is “N – Assumption with Non-Exempt Transfer of Ownership”, the following message will be returned in the SMDU Response: “Ineligible for Modification using SMDU; servicer has indicated this is an Assumption Modification with a non-exempt transfer of ownership. (Message ID 5584)”.
    2. Note: If the Assumption Indicator provided is “Y – Assumption Exempt Transfer of Ownership”, the following message will be returned in the SMDU Response: “The servicer has reported that this is an Assumption Modification with an exempt transfer of ownership. If this is not accurate, please correct and resubmit. (Message ID 5586)”.
    3. Note: The assumption indicator will be used to inform SMDU if the transfer of ownership qualifies as an exempt transaction.  If the loan is NOT being assumed, then do not answer and leave the field showing “Select…”.

 

For additional information please refer to the "Evaluate for a Workout" section OR the "Evaluate for First-Time Final" section of the SMDU UI User Guide.

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