01/22/2021: All Company Communication - Upcoming Servicing Transfer Activity

The communication shown below regarding servicing transfer activity will be sent from Kim Yowell to all Fairway employees after 5:00 today.  

We want everyone to have awareness of this information in the event you receive inquiries.  

Please contact your supervisor or manager if you have any questions.

Upcoming Servicing Transfer Activity - Fairway Originated Loans

February 1st - there will be two large populations of Fairway originated loans subject to servicing transfer activity:

  • Approximately 25,000 loans transferring from DMI to Flagstar Bank 
  • Approximately 24,000 Fairway servicing retained bulk sale loans transferring from our subservicer, ServiceMac (subservicing in the name of Fairway), to Flagstar Bank

On Fairway refinances in process on the bulk sale loans transferring to Flagstar Bank, please review the following important details:

  • Effective immediately, new payoff quotes may not be ordered with netted escrows (restated quotes may maintain netting)
  • For payoff quotes previously ordered, we are working with Flagstar Bank to find a method to process netted escrow payoffs effective February 1st 
  • Use the wiring instructions provided in your payoff quote generated by Fairway (ServiceMac)
  • ServiceMac will wire the payoff funds and payoff instructions to Flagstar Bank for processing as part of the post-servicing transfer process
  • February 1st servicing transfer loans will take two - three days before a new payoff quote can be requested and for cash to be processed including the processing of a payoff 
  • The delay in processing the loan payoff will not cause additional interest to accrue due to this conversion delay - the transaction will be effective/back-dated to the day the payoff funds were received 

Fairway employees should contact Servicing911 by email with any questions at servicing911@fairwaymc.com.

Please direct customers to contact the Retained Servicing Customer Experience team.

This communication is for internal use to provide you with information to assist your customers.  This is not approved to post on social media.