05/12/2020: Requesting Payoff Quotes for Retained Servicing Loans

Requesting Payoff Quotes for Retained Servicing Loans

Step #1 Preparation: What information do you need to have?

Please gather the following details in preparation for ordering a Payoff Quote:

  • Loan Number
  • Name of the customer(s)
  • Last 4 digits of the customer Social Security number if requester is a 3rd party who is not a Fairway Loan Officer
  • Good Through Date for Payoff Quote
    • Must be a business day – cannot be a non-business day (weekend or holiday)
    • Cannot exceed more than 30 days out from the request date 
    • Determine if the escrow funds are to be netted (INTERNAL FAIRWAY REFINANCES ONLY)
  • Fax Number or E-Mail Address to send Payoff Quote (if the recipient is not the customer and is an unauthorized third party, Customer Experience must be provided the written Third Party Authorization Form)   

Please Note:  the customer may also request a Payoff Quote using our servicing website and mobile app, MyFairwayServicing.com

Step #2 Request Payoff Quote: Who do you contact?

Fairway Loan Officers and branch personnel requesting payoff quotes:

Third parties who are not Fairway employees must contact the Retained Servicing Customer Experience Center to request Payoff Quotes:

Step #3 Receipt of Quote: How will the Payoff Quote be delivered?

Payoff Quotes may be delivered to the requestor by E-Mail or Fax or via the mail. 

  • Email or Fax – Processed and faxed to requestor within 48 hours
  • Mail – Processed and mailed to requestor within 24 hours and allow 3 to 5 business days mailing time

Step #4 From Quote to Payoff: What about payments and escrow disbursements after issuing a payoff quote?

  • Important: If the customer is due to make a monthly mortgage payment before the effective date of the payoff, the customer should make their payment. Please do not instruct the customer to withhold their mortgage payment. Closings and the associated payoffs can be delayed, and due to non-payment, customers may be reported as delinquent to credit bureaus. A new quote may be ordered after submission of a payment.

  • Important: Under RESPA, servicers are responsible to continue to make disbursement for taxes and insurance that are due between the time the quote generates and the loan pays off. Normally this is what will occur when a payoff quote generates – escrow disbursements of tax, insurance and mortgage insurance will continue.  

You are strongly encouraged to request an updated Payoff Quote before closing to ensure no items have been paid from Escrow.

Escrow disbursements will be paid as scheduled unless one of the requests described below are submitted when requesting a Payoff Quote for an Internal Refinance netting escrows - in the instance where the payoff quote has been requested with netted escrows (on internal refinance transactions only), our Servicing Center will place an escrow disbursement stop on the loan.

  • The disbursement stop will stay in place through either the effective date of the payoff quote or for 30 days from generation of the payoff quote
  • This means Servicing will not make any required escrow disbursements for taxes and insurance
  • Funds for escrow items due during that period of time should be collected and paid at closing

Written/Email Customer Request to Suspend Escrow Disbursements – outside of quotes ordered with netted escrows, the only way to prevent any escrow disbursement between the payoff quote and the application of the payoff is through a written request from the customer.  Escrow Disbursement Stops are not automatically placed on loans unless an email request is received. 

Written customer requests should be sent via email to: Customersupport@myfairwayservicing.com

Payoff Quotes requested through the Interactive Voice Response (IVR) automated phone system will not net escrows and will not place escrow disbursement stops on the loan.  

Step #5 The Payoff: Where do the payoff funds go?

Payoff funds may be submitted by wire, by certified funds or approved title company checks through the mail/courier (no personal checks are accepted) as per the below:

Payoff Mailing Address:

Fairway Independent Mortgage Corporation

Attn:  Payoff Department

9726 Old Bailes Road, Suite 200

Fort Mill, SC  29707

            Payoff Wiring Instructions:

                          Beneficiary Name: Fairway Independent Mortgage Corporation

Bank Name: Wells Fargo

Address: 255 2nd Avenue South

City, State: Minneapolis, MN 55479

Beneficiary Account #: 4749659454

ABA Routing #: 121000248

ATTN: Reference Loan Number Here

A wire notification email must be sent to PAYMENTPROCESSING@MYFAIRWAYSERVICING.COM with the customer’s name, loan number, and wire amount.