12 Aug Fannie Mae: MI Termination in SMDU Starting Soon
Fannie Mae: MI Termination in SMDU Starting Soon
August 7, 2019
Source: Fannie Mae
Frequently Asked Questions
Updated policy requirements for the borrower-initiated termination of conventional mortgage insurance (MI) simplifies the process of evaluating borrower-initiated requests for MI termination. This streamlined process will deliver a better customer experience for both servicers and borrowers. Listed below are frequently asked questions related to the implementation of the MI termination policy using Servicing Management Default Underwriter™ (SMDU™).
Servicers are encouraged to implement the MI termination policy based on Original Value beginning Jan 1, 2019, and MI termination policy based on Current Value beginning March 1, 2019; however, implementation is required by September 1,
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