MI Termination Using SMDU
The mortgage insurance (MI) termination tool within SMDU™ makes it easier to evaluate borrower requests for conventional mortgage insurance termination based on the Original Value and/or Current Value of the property.
- Automated evaluation and decisioning ensures compliance with Fannie Mae policy
- Access to no-cost automated valuation model (AVM) and/or standardized pricing for BPO/appraisal
- Simpler evaluation process and lower costs for a better borrower experience
- Offers servicers limited liability relief when using SMDU™ decision
How It Works
- Borrower requests MI termination based on the Original or Current Value of the property (with or without substantial improvements)
- SMDU automatically provides data required for an evaluation
- SMDU applies a no-cost AVM to evaluate for Original Value. For Current Value or when an AVM can’t be used, servicer orders a BPO/appraisal
- When SMDU has the property value, it evaluates the loan and supplies a real-time decision
- Servicer retrieves invoice for completed valuation from Fannie Mae invoicing (when applicable)
Every day, 24 hours a day, except from 7 p.m. ET Sunday to 5 a.m. ET Monday due to maintenance. For SMDU Case Management, refer to the AMN application hours of availability.
The SMDU MI Termination tool helped us shave 10 minutes from each case. That’s a lot of time saved when you work with 60-100 cases a day.
The MI tool makes things so much easier; it was all manual before!