Lender Processing Services unveiled its Workout Interaction Tool, an online application that transfers data from its managed services provider servicing system to and from Fannie Mae's Servicing Management Default Underwriter platform.
The new tool allows mortgage servicers to access SMDU to provide consistent, real-time decisions on loan modifications and other solutions for homeowners with payment challenges.
Additionally, SMDU enables timely workout decisions based on Fannie Mae and servicing alignment initiative guidelines by integrating with existing loss mitigation systems to enhance solution delivery during the foreclosure prevention process.
Once the data is submitted to SMDU, the company returns a response file that includes the recommended loss mitigation program based on the data received.
"We're pleased LPS has developed a solution that enables access to SMDU during the loss mitigation process for Fannie Mae loans," said Leslie Peeler, senior vice president of Fannie Mae's National Servicing Organization
"LPS is proud that WIT supports Fannie Mae's efforts to increase the quality and consistency of loan modification workouts across the servicing industry," said Dan Scheuble, LPS chief operating officer.