March 9, 2021: Charge Offs - Collect the Payment

Fairway attempts to collect funds for payment(s) owed to interim servicing but not remitted by customers prior to their loan transferring to the new servicer.

  • For a period of time after transfer, a series of outbound calls are made and letters are sent in an attempt to collect the funds owed to Fairway
  • After unsuccessful attempts, the amount of the payment(s) owed may be charged off as a loss by the Fairway Accounting Department

If a payment is charged off, customers may still remit the payment owed and Customer Experience is able to process a payment by phone to collect these funds.

How to identify a loan with a charge off:

Principal balance will reflect $0.00:

View Loan Data – Histories – View History and identify a Cash Charge Off transaction.  

Click on the transaction to view the principal, interest and escrow amounts:

Compare the Due Date to Fairway to the Investor First Payment Due on the General – Investor/Service Fee screen.  

In this example, the first payment due to the new servicer was 11/01/2020 and the FICS due date indicates the 10/01/2020 payment is owed to Fairway:

The Memos screen will be documented that a payment is owed to Fairway:

If customers wish to remit payment for the funds owed:

Advise of payment options

  • Process a one-time payment by phone 
  • Customers may mail a check to the Fairway Carrollton, TX P.O. Box Payment Address

If customers process a payment by phone, email and include the following details:

  • Subject Line:  Charge Off Payment Processed - Loan Number xxxxxxxxxx
  • Body of email:
    • Advise customer made payment on <date>
    • Advise of the due date on the loan
    • Dollar amount paid