04/01/2020: Assisting COVID-19 Impacted Customers - Reminders

Keep these key points in mind when speaking with Retained Servicing customers impacted by COVID-19.  

Express Empathy and Compassion:  Make sure to take time to really listen to these customers.  Use phrases that show empathy to their situation, and let them know Fairway is concerned and cares about assisting our customers.  

Scripted Verbiage is Available for Use:  Take time to read and understand the procedure for assisting these impacted customers.  Scripting for you to use is documented in KnowledgeOwl.  

Click here to view this procedure which includes the referenced verbiage and examples of empathy phrases.

Late Fees and Negative Credit Reporting:  All loans in the Fairway Retained Servicing portfolio will not be assessed late fees or negatively reported to credit bureaus through July 6, 2020.

  • This applies to all Retained Servicing loans regardless of status
  • This information should ease concern for customers not immediately impacted by job loss or income reduction

Always Use the MSP Director Script for Disaster Impact for all COVID-19 Related Calls:  The script is designed for use with customers immediately impacted and those who may be impacted in the future.

  • The MSP Director Script reviews loan data and provides prompts of speaking points
  • This Script automatically logs the applicable Comment Codes and opens the correct Tasks for the applicable scenario
  • Do not manually open the COLVIR task – the Script now opens the applicable task and replaces this manual step that was required in the initial procedure
  • Click here to view the procedure specific to this MSP Director Script

Fairway Retained Customers impacted by COVID-19 are offered a 90 Day Forbearance Plan at this time.  At the end of this Plan, customers requiring additional assistance options will be re-evaluated in accordance with allowable guidelines and directives at that time.  The situation continues to evolve, and our Default Team is constantly monitoring regulations issued by Investors and the Federal Government to ensure Fairway offers all possible assistance options.

Foreclosure and eviction moratoriums are in place to stop the initiation of new foreclosures, foreclosure sales and evictions – except for vacant and abandoned properties – for a period of 60 days from March 18, 2020.  The Federal Government may extend this timeframe.

Servicing Training will continue to provide updates as new information is received.  Make sure to stay current on Newsflashes and KnowledgeOwl content.  Please see your manager or lead if you have questions.