Servicing Guide

Published October 14, 2020

For best results, pose your search like a question.

Guide Resources

For a comprehensive list of resources such as forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

Customers Recommend Ask Poli

AskPoli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Launch Ask Poli  

Download PDF Guide

You can also download the printable ~800 page PDF, which include links.

Download Now

SMDU™ UI User Guide 7.39 October 2020 (Evaluate for “First-Time Final” - Overview)

See below for sub-topic: Evaluate for “First-Time Final” - Overview 

To see other sub-topics for Evaluate for "First-Time Final", please click on any of the topics below:

Evaluate for “First-Time Final” - Borrower and Bankruptcy details

Evaluate for “First-Time Final” - Property and Origination details

Evaluate for “First-Time Final”- Delinquency & Foreclosure, Insurance & Escrow and Hardship

Evaluate for “First-Time Final” - Prior Workout History and Litigation

 

Evaluate for “First-Time Final” - Overview

Click here to access the interactive Evaluate for First Time Final eLearning module

The following process should be used to convert a non-SMDU decisioned trial, which has been completed by the borrower, to a final modification

  • Note:  The difference between the Evaluate for Final and Evaluate for First-Time Final functionalities:
    • The Evaluate for Final functionality is used when a servicer wants to use the SMDU structuring trial evaluation response to evaluate for final terms. This is also called a dependent final because it is reliant on there being a SMDU structuring trial evaluation.
    • The Evaluate for First-Time Final is used when a servicer is NOT using an SMDU structuring trial evaluation. This is a standalone evaluation and the servicer will need to provide all the required data for SMDU to evaluate for structuring final terms

A first-time final structuring evaluation occurs when you request SMDU review a loan for final evaluation, but SMDU did not originally evaluate the trial. For example, you could request a first-time final evaluation because your borrower was originally approved for a trial plan outside of SMDU and subsequently completed the trial plan prior to you having access to SMDU.

A. Search for the loan by using the Fannie Mae 10-digit loan number.

B. If the loan search is successful you will be brought to the Loan Landing screen, which features the main actions banner and is comprised of a variety of sections, including the “Recent SMDU Evaluation History”.

C. To evaluate a loan for a non-dependent SMDU structuring final select the Evaluate for First-Time Final icon.

D. The Evaluate for First-Time Final page opens and you must complete all applicable data elements on this initial screen.  Once this screen is completed you will notice there are several links on the left side of the screen (aka the “left hand navigation bar”). Each link brings you to pages that allow you to enter data. You can navigate through the different links in any order, but you are responsible for completing all applicable data. 

  1. Enter the loan “Workout Effective Date by entering the date (MM/DD/YYYY) or selecting the date by clicking on the calendar icon
  2. Select “Workout Type” from drop down box
  3. Enter the “Total Remaining Trial Payment Amounts Expected to be Collected” from the borrower prior to the end of the trial, if all the required trial payments were received and recorded in your system of record then a zero MUST be entered in this field
  • Note:  If you are submitting loan to SMDU for the Final Structuring request PRIOR TO receipt of the final trial payment, then include the amount expected to be collected for the payment(s) not yet recorded in your system of record.  Do not record this expected to be collected payment(s) amount in any other field and do not include any amount from this trial payment when calculating the “Actual Interest Applied During Trial.”
  1. Enter the “Actual Interest Applied During Trial”, which is the interest portion of the trial payments that were applied during the trial period according to your system of record
  • Note:  If you expect to receive an additional trial payment, but it has not yet been received, DO NOT include the interest for that trial payment
  1. Pre-Modification Unpaid Principal Balance (At Case Creation)” is the loan’s last unpaid principal balance, excluding forbearance, prior to receipt of the first trial payment.  If the amount displayed does not match what was on your system of record at the time of case creation then you will need to update
  2. Pre-Modification Unpaid Principal Balance (At Case Creation)” is the loan’s last unpaid principal balance, excluding forbearance, at the time of trial eligibility determination.  
  3. Enter the loan “Trial Eligibility Date” by entering the date (MM/DD/YYYY) or selecting the date by clicking on the calendar icon, date of positive  determination of trial eligibility that was committed to borrower
  4. Enter the “First Trial Payment Due Date” by entering the date (MM/DD/YYYY) or selecting the date by clicking on the calendar icon (SMDU will not accept an odd due date or a due date more than two months in the future)

Recommended Next Step:  Borrowers

 

To see other sub-topics for Evaluate for "First-Time Final", please click on any of the topics below:

Evaluate for “First-Time Final” - Borrower and Bankruptcy details

Evaluate for “First-Time Final” - Property and Origination details

Evaluate for “First-Time Final”- Delinquency & Foreclosure, Insurance & Escrow and Hardship

Evaluate for “First-Time Final” - Prior Workout History and Litigation

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles


AskPoli

Customers Recommend Ask Poli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.