Information in this newsflash applies to Servicing Transferred loans.
The communication shown below was distributed by Kim Yowell to all Fairway employees on March 23, 2020. This communication advises LoanCare will generate corrected 1098 statements to approximately 26,000 customers.
Both Fairway and LoanCare included dollar amounts for upfront (origination) discount points paid, initial interest and interest credits (where applicable) on the 1098 Mortgage Interest Statements for 2019 activity for approximately 26,000 customers, resulting in duplicate reporting of these amounts.
LoanCare will generate and mail corrected statements with an explanation letter by March 27, 2020. The letter advises of their error and directs customers to contact LoanCare.
These impacted customers should contact LoanCare with any questions regarding this corrected Year End Statement at 1-800-274-6600.
Please email Servicing911 if you have questions or for further internal assistance on this topic.
It is important to confirm with customers and Loan Officers the 1098 Year End Statement generated by Fairway is accurate and correct. The figures referenced above should not have been reported on the LoanCare 1098 Statements.
Should customers or Loan Officers have an inquiry about this:
- Corrected 1098 Statements for 2019 activity are being generated by LoanCare as their statements contained figures in error, resulting in duplicate reporting
- Statements from Fairway are accurate and correct
- Customers must contact LoanCare directly at 1-800-274-6600 for all inquiries relating to this topic
Please see your Manager or Lead if you have any questions