CoreLogic announced that it has fully integrated its IntelliMods loan modification decisioning tool with the Fannie Mae Servicing Management Default Underwriter (SMDU) platform.
Fannie Mae’s SMDU is a technology platform used by mortgage servicers to provide consistent, real-time decisions on mortgage loan modifications and other solutions for homeowners with payment challenges. SMDU enables workout decisions based on Fannie Mae and Servicing Alignment Initiative guidelines by integrating with existing loss mitigation systems, enhancing solution delivery during the foreclosure prevention process.
The integration of CoreLogic IntelliMods with SMDU will benefit servicers by:
►Delivering a consistent interpretation of Fannie Mae servicing policy.
►Eliminating the need to integrate directly with SMDU.
►Outputting Fannie Mae recommended options to the servicer's default management system.
Servicers will also be able to leverage Intellimods to validate and capture data; generate and deliver customizable modification documents; enable eSigning, and audit and report on completed loan modifications.
“We are pleased that CoreLogic completed the integration to SMDU,” said Leslie Peeler, senior vice president of Fannie Mae’s National Servicing Organization. “It will reduce the cost and timeline required for servicers to implement updated workout options while providing more certainty that the solutions they offer meet our guidelines. Homeowners will benefit from the latest and broadest set of workout options available, communicated in language they understand based on SMDU-generated scripting. We strongly encourage adoption of SMDU as a significant win for servicers, homeowners, and ultimately taxpayers.”
“Fannie Mae has developed an innovative solution to help mortgage servicers work faster and more consistently with homeowners to prevent foreclosures and we’re pleased to be an integral part of this solution,” said Sapan Bafna, vice president responsible for IntelliMods at CoreLogic. “We are working closely with several major clients to assist them as they move onto this platform.”