Fannie Mae: SMDU Enhancements Coming This Weekend; AAA Matrix Updates; and More
Investor Update
April 18, 2018
Source: Fannie Mae
Enhancements to SMDU coming this weekend
This weekend, we will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the release notes for more information. During implementation, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, April 20 until 1 p.m. ET on Saturday, April 21. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.
AAA matrix updates
We’ve updated AAA matrices for all jurisdictions to reflect an increase in the hourly rates for non-routine litigation detailed in the Schedule of Legal Fees and Costs attached to the Mortgage Default Counsel (MDC) Retention Agreement. For hours billed on or after June 1 for matters which Fannie Mae has specifically approved MDC law firms to handle, Fannie Mae will pay:
- An hourly attorney rate of $225 for any attorney with less than five years of experience.
- An hourly attorney rate of $275 for any attorney with five or more years of experience.
- A maximum hourly paralegal rate of $85.
Previously, the maximum hourly attorney rate was $215 per hour regardless of years of experience and there was no established maximum hourly paralegal rate. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page.
Deactivated line items in LoanSphere Invoicing
Effective June 18, we will deactivate the following line items in LoanSphere Invoicing™:
- Property Services: Category 19
- Subcategory 850: Insp – Inspection (Other)
- Subcategory 1154: Other Property Inspection
- Subcategory 1418: Pool Securing – Repair/Replace Fence or Gate
Reference the Servicer Expense Reimbursement Line Items in LoanSphere Invoicing Job Aid for a list of all available servicer expense categories and subcategories for conventional loans.
Reminder: Elimination of certain servicing requirements for acquired properties
Servicers are no longer required to pay property tax bills, HOA or condo association fees, or assessments for certain acquired properties, except at the direction of Fannie Mae. For more information, reference the Servicing Guide, email hoa_correspondence@fanniemae.com for HOA-related questions, or email tax_correspondence@fanniemae.com for questions related to property tax bills.
Join us at these upcoming events:
April 22-25 | Black Knight 35th Annual Information Exchange | Orlando
April 29-May 1 | Texas MBA 102nd Annual Convention | San Antonio
April 29-May 2 | MBA Legal Issues & Regulatory Compliance Conference | Washington, DC
View more events.
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