Fannie Mae introduces default underwriting tool for servicers
Fannie Mae highlighted its Servicing Management Default Underwriter tool this week.
The tech solution links into Fannie’s Desktop Underwriter for originations, allowing servicers to work faster and more efficiently while trying to save homeowners' properties from foreclosure.
The technology also permits servicers to evaluate a borrower’s financial situation and discover the best options for preventing a foreclosure.
Development of SMDU began three years ago and is designed to help servicers who adopt it expedite the process of rolling out Fannie Mae policy changes.
"SMDU addresses several challenges the servicing industry has faced in recent years by eliminating a manual and resource-intensive process for servicers while improving accuracy and consistency," noted Leslie Peeler, senior vice president of Fannie Mae’s National Servicing Organization.
"So far, adoption has been voluntary and we are pleased a number of leading technology providers and servicing partners have implemented SMDU. There are several large servicers working towards adoption this year. Servicers should anticipate that adoption will be required at some point in the near future."
The technology lets servicers know when a borrower is eligible for a streamlined loss mitigation solution and is designed to pull servicers through the system using a series of tools, prompts and scripts to improve service and ensure consistency.