Servicing Guide

Published October 14, 2020

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SMDU™ UI User Guide 7.39 October 2020 (Fannie Mae Workout Types Evaluated by SMDU)

Retention 

Liquidation (Borrower’s Eligibility Only)

Eligible Loan Types/Characteristics

Loan Types Not Evaluated By SMDU > Do Not Submit Using SMDU UI

Retention

  • Capitalization and Extend Modification (Cap and Extend or CMOD) includes special eligibility for borrowers with properties affected by FEMA-declared disaster areas and special eligibility for borrowers with rolling 60-day delinquency. Rolling 60-day delinquent is defined as:
    • The loan is currently 60 days delinquent; and
    • The borrower has made at least the previous three consecutive monthly payments as of the date of submission of the loan to SMDU.
    • SMDU will only return a message that provides the respective campaign ID when a borrower is prequalified or eligible for this modification.
  • Flex Modification (FLEX)
    • The Fannie Mae FLEX Modification is intended to replace the Fannie Mae Standard and Streamlined Modifications.
  • Disaster Modification: Evaluate for a Workout Option after a Disaster-Related Forbearance. SMDU will evaluate a mortgage loan where the property securing the mortgage loan, or the borrower’s place of employment, is in a Federal Emergency Management Administration (FEMA)-Declared Disaster Area eligible for Individual Assistance according to the Servicing Guide. A Servicer using SMDU to evaluate a disaster modification must provide the standard data used for a formal SMDU submission, plus additional data. Please refer to the Table of Contents section “How to Use SMDU to Evaluate for a Workout Option after a Disaster-Related Forbearance” for more information on using SMDU to: a) evaluate a borrower for a Workout Option after a Disaster-Related Forbearance, including the Extend Mod and/or b) evaluate a borrower for the Cap and Extend Modification for Disaster Relief when SMDU determined the borrower is Eligible for the Extend Mod.
  • Fannie Mae Extend Modification for Disaster Relief (“Extend Mod”); Campaign ID MODSMP20170016 – SMDU Extend Mod for Disaster Relief. – Announced on Nov 2, 2017, via Fannie Mae Lender Letter LL-2017-09
  • Fannie Mae Cap and Extend Modification for Disaster Relief (Campaign ID: MODSMP20130024, SMDU Streamlined (Flex) Mod – Disaster Relief).
  • Fannie Mae Streamlined Modification Post Disaster Forbearance: This is considered a part of the FLEX Modification evaluation and will be returned with other FLEX messages.
  • COVID-19 Payment Deferral – Announced May 13, 2020 in LL-2020-07-COVID-19 Payment Deferral
  • Payment Deferral – Announced March 25, 2020 in LL-2020-05-Payment Deferral

Liquidation (Borrower’s Eligibility Only)

  • Pre-Foreclosure Sales (short sale or PFS)
  • Mortgage Release™ (with and without borrower transition period, also referred to herein as DIL) 

Eligible Loan Types/Characteristics

Loans with the following characteristics may be submitted to SMDU via the SMDU UI:

  • Conventional
  • 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)

Loan Types Not Evaluated by SMDU > Do Not Submit Using SMDU UI

  • Bi-Weekly Loans
  • Daily Simple Interest Loans
  • Balloon Loans

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