02/23/2021: FairwayNEXT Data Updated for Loans in the Recent Bulk Sale To Flagstar Bank

Summary: Loans that transferred from Fairway Retained Servicing (ServiceMac) to Flagstar Bank in the February 1, 2021 bulk sale have been updated on FairwayNEXT.com to display Flagstar Bank as the current servicer, to display the new Flagstar loan number and Flagstar’s contact information.  

  • The Payment Due to New Servicer (transfer effective date) field will not be updated to reflect the February 1, 2021 transfer to Flagstar Bank 
  • This field will continue to display the date the loan transferred from Fairway interim servicing to Fairway retained servicing  
  • All other fields reflect the Flagstar Bank data for this population of loans


Details:

These loans originated as non-retained servicing and were switched to retained servicing after closing.  These loans were service transferred from Fairway interim servicing to Fairway retained servicing (ServiceMac) prior to February 1, 2021.  


On February 1, 2021 this population of loans service transferred from Fairway retained servicing to Flagstar Bank.


View the example loan and FairwayNEXT screen capture shown below: 


Loan number 4420501670 originated as non-retained on April 30, 2020 with the first payment due on June 1, 2020.  

  • Effective June 1, 2020 this loan – originated as non-retained – was moved to retained servicing and transferred to ServiceMac, branded as Fairway effective June 1, 2020 with the retained servicing loan number 2010018667
  • Effective February 1, 2021 this loan service transferred from Fairway retained servicing to Flagstar Bank with the new loan number 0440906788


The Payment Due to New Servicer (transfer effective date) field will not be updated to reflect the February 1, 2021 transfer to Flagstar Bank – this date will display the date the loan transferred from Fairway interim servicing to Fairway retained servicing.  


In this example, the date will continue to display June 1, 2020.


All other data fields displayed on FairwayNEXT.com for this population of loans will display the Flagstar Bank details.