03/31/2020: Late Fees and Credit Reporting for Interim Servicing Loans

The information in this newsflash applies to Interim Servicing Loans.  

During the interim servicing period, Fairway does not assess late fees or report loan data to the credit bureaus.  The assessment of late fees and credit bureau reporting for these loans begins 60 days after the effective date of the transfer to customers’ new Servicer, and data will be reported by their new Servicer.  

RESPA Guidelines require a freeze on late charge assessments and credit reporting for 60 days from the effective date of a Servicing Transfer, and this is explained to customers in their Notice of Transfer Letter.

Please see your manager or lead if you have questions.