As part of Fannie Mae’s mission in Simplifying Servicing, the GSE recently unveiled its Servicing Management Default Underwriter (SMDU).
“SMDU eliminates risk, uncertainty, and complexity in the default and loan modification process by simplifying eligibility determinations and offering real-time answers on the best solutions for borrowers,” said Varma Penmatsa, VP of Digital Products in Servicing at Fannie Mae.
Fannie Mae also took another step in its Simplifying Servicing agenda at the start of February with updates to investor reporting processes that standardized timing and procedures for collecting loan-level data in mortgage-backed securities.
“Investor reporting is a critical function for Fannie Mae and these enhancements bring an improved experience to customers on both sides of our business,” said Richard Sorkin, SVP for Securitization. “It’s a great example of how we’re working to bring simplicity and certainty to every aspect of Fannie Mae.”
Fannie Mae’s overall Simplifying Servicing mission is based on industry feedback about the impact complex servicing requirements and rules have on the servicing industry. Learn more at SimplifyingServicing.com.