This will make it more likely that homeowners who have Fannie Mae loans will be approved for modification.
This new calculation, which must be implemented by all servicers of Fannie Mae’s loans by March 1, 2016, is intended to help borrowers. One way it does this is to simplify and standardize the evaluation process for servicers.
The following servicers currently use Fannie Mae’s SMDU tool:
- Amarillo National Bank
- Arvest Bank
- Associated Bank
- Banco Popular de Puerto Rico (BPPR)
- Bank of Hawaii
- Central Mortgage Company
- Citizens One Home Loans
- C.U. Mortgage Services, Inc.
- Ditech Financial LLC
- Dovenmuehle Mortgage, Inc.
- Fidelity Bank
- Flagstar Bank
- LifeStore Bank
- Nationstar Mortgage
- Nationwide Advantage Mortgage Company
- Navy Federal Credit Union
- PHH Mortgage
- PrimeWest Mortgage Corporation
- Quicken Loans
- Regions Bank d.b.a. Regions Mortgage
- Residential Credit Solutions, Inc.
- RoundPoint Mortgage Servicing Corporation
- Seterus, Inc.
- Standard Mortgage Corporation
- State Bank of Lincoln
- U.S. Bank