""Lender Processing Services, Inc."":http://www.lpsvcs.com/Pages/default.aspx introduced the web-based Workout Interaction Tool (WIT), which provides data from its MSP servicing system to and from Fannie Mae's Servicing Management Default Underwriter (SMDU) platform.[IMAGE]
LPS' WIT provides mortgage servicers with access to Fannie Mae's SMDU to provide consistent, real-time decisions on loan modifications and other workout solutions for struggling homeowners.
Recently Fannie Mae ""announced"":http://dsnews.comarticles/fannie-mae-introduces-tool-to-improve-foreclosure-prevention-efforts-2013-05-07 the broad release of SMDU, which enables timely workout decisions based on Fannie Mae and Servicing Alignment Initiative guidelines.[COLUMN_BREAK]
""We're pleased LPS has developed a solution that enables access to SMDU during the loss mitigation process for Fannie Mae loans,"" said Leslie Peeler, SVP of Fannie Mae's national servicing organization. ""WIT shows that LPS understands Fannie Mae requirements and sees the value of delivering fast, consistent workout solutions in a user-friendly format that helps more borrowers avoid foreclosure.""
Once WIT submits data to SMDU from MSP, then SMDU returns a ""response file"" that includes the recommended loss mitigation program based on the data, the Florida-based analytics firm explained in a release. The response file also includes messages for each loan based on SMDU's analysis to further facilitate the processing and completion of workouts.
""LPS is proud that WIT supports Fannie Mae's efforts to increase the quality and consistency of loan modification workouts across the servicing industry,"" said Dan Scheuble, COO of LPS. ""Together, we hope to facilitate faster adoption of Fannie Mae loss mitigation programs and improve workouts for both servicers and borrowers through improved loan workout standardization.""