LPS Announces new Tool for Fannie Mae's SMDU Interface

Lender Processing Services (LPS) has release a newrntool for mortgage servicers that the company says will allow them to “providernconsistent, real-time decisions on loan modifications and other solutions forrnhomeowners with payment challenges.”  ThernWorkout Interaction Tool (WIT) is web-based and provides data from it’s the LPSrnMSP servicing system to and from Fannie Mae’s Servicing Management DefaultrnUnderwriter (SMDU) platform.</p

The WIT user submits data from the MSPrnto SMDU and receives in response a file with the recommended loss mitigationrnprogram based on the data received.  Thernresponse file also contains messages specific to each loan designed tornfacilitate processing and completion of loan workouts.  WIT retains information on servicer requestsrnand SMDU responses and, when eligibility of a loan modification is confirmed,rnthe data can be provided in an exportable CSV file format for HAMP Treasuryrnreporting.  The data is also retained byrnWIT for future reference and audit purposes.</p

 “We’re pleased LPS has developed a solutionrnthat enables access to SMDU during the loss mitigation process for Fannie Maernloans,” said Leslie Peeler, senior vice president of Fannie Mae’s NationalrnServicing Organization. “WIT shows that LPS understands Fannie Mae requirementsrnand sees the value of delivering fast, consistent workout solutions in arnuser-friendly format that helps more borrowers avoid foreclosure.”</p

“LPS is proud that WIT supportsrnFannie Mae’s efforts to increase the quality and consistency of loanrnmodification workouts across the servicing industry,” said Dan Scheuble, LPSrnchief operating officer. “Together, we hope to facilitate faster adoption ofrnFannie Mae loss mitigation programs and improve workouts for both servicers andrnborrowers through improved loan workout standardization.”

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