Information in this Newsflash applies to Retained Servicing loans.
Customers requesting a Recast are instructed to remit funds for the principal reduction and the $250.00 non-refundable processing fee when returning the signed Recast Request Form. Some customers are not remitting funds for the processing fee.
The Special Products Department contacts customers who do not remit funds for the processing fee and advise they may call Customer Experience to pay the fee over the phone.
Follow these steps if customers call to pay this fee:
- Process the payment transaction applying funds to Suspense
- Charge the pay by phone processing fee
- Open the CHHREV task
- Document in the task notes to move funds from Suspense and apply to Fee Code A “Recast Mod Fee”
While customers may pay additional toward principal over the phone at any time, they are not permitted to pay the principal curtailment to be used for a Recast over the phone. Principal reduction funds for the Recast must be remitted per the instructions on the Recast Request Form.