A population of 3,071 loans that have been service transferred during 2019 require a Short Year History Statement to be generated this week. In order to process this request within the required timeframe, some FICS data on these loans will be temporarily changed to properly generate this statement. This includes temporary changes to balances and due dates. A Loan Alert will appear on FICS when this scenario occurs.
WHAT THIS MEANS:
During the time this alert appears on the system, payment due date information will not be accurate and UPB may not be accurate as well.
This inaccurate information must not be relayed to customers or branch employees under any circumstance.
Transactions must not be performed on these loans during this period without approval from a supervisor or manager.
WHAT WILL BE IMPACTED:
To produce a correct Short Year History Statement, the Due Date, the Unpaid Principal Balance (UPB), and the Escrow Balance will be changed based on the criteria listed below.
· The UPB in the Current Principal Balance Field in FICS will be changed to display $0.01 for loans that actually have a $0.00 UPB
o This means no pending payments are due to Fairway
· The Due Date field in FICS will be changed to display the date of the First Payment Due to Fairway
· The Escrow Balance in Current T&I Balance field in FICS will be changed to display the Initial Escrow Balance from closing
HOW TO DETERMINE IF THIS PROCESS IS OCCURRING: In addition to the data changes referenced above, a Loan Alert Stop will be added to these loans.
The text in the alert will be: “Payment Stops FINAL ESCROW DISCLOSURE IN PROCESS”
IMPORTANT - WHEN THIS SPECIFIC PAYMENT STOPS ALERT IS DISPLAYED, DATA IN KEY SYSTEM FIELDS HAS BEEN MANIPULATED AND IS NOT ACCURATE!
DO NOT RELAY ANY INFORMATION ON LOANS WITH THIS ACTIVE ALERT!
These referenced changes are temporary and will be removed no later than the end of the business day Wednesday, February 27, 2019.
· The UPB in the Current Principal Balance Field in FICS will display $0.00
· The Due Date field in FICS will display the payment due date as of the date of the Servicing Transfer
· The Escrow Balance in Current T&I Balance field in FICS will display the actual Escrow Balance as of the date of the Servicing Transfer
Once the short year escrow statement has generated, it will be viewable in RADSTAR by selecting the document titled ‘Final Escrow Disclosure’.
This is a temporary process. This will happen again until the long-term solution is in place – please always watch for the loan alert. A long-term solution to generate these statements from our third-party print vendor partner is in the works. The project is scheduled to be complete by the end of March 2019.
For questions on loans while the Active Stops Alert is displayed in FICS, contact Dawn Griffith.
For questions on this process see your Supervisor or Manager.