Fannie Mae has debuted its Servicing Management Default Underwriter (SMDU) tool, a complement to the Desktop Underwriter platform that is designed to help mortgage servicers manage the default and loss mitigation processes.
Servicers using SMDU can draw from Fannie Mae's business rules as they collect information from homeowners, helping them identify when a homeowner is eligible for streamlined processing for any loss mitigation option. Servicers are guided through the tool with scripts to promote consistency and improve customer service.
‘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,’ says Fannie Mae's Leslie Peeler.
‘So far, adoption has been voluntar,y and we are pleased a number of leading technology providers and servicing partners have implemented SMDU,’ she continues. ‘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.’
SMDU was developed and tested over the past three years, the GSE says.