As a normal course of business, there is an ongoing small population of customers who may receive a retraction letter from Fairway advising them to disregard the Notice of Transfer letter they received.
Loans are allocated and servicing sold to a new MSR Buyer-Investor/Servicer, and after completion of the Post Closing Validation (PCV) audit or other factors, the conditions of the loan sale and transfer may not be met which may result in the need to sell the loan later than anticipated or to a different servicer/subservicer than originally contemplated.
Example: Missing Collateral Documents may not be able to be located (Original Note or Deed of Trust) in time for the transfer to occur. This will result in the loan being removed from the allocation to a particular Servicer/Subservicer after the Notice Of Transfer has been mailed.
In no way does this reflect negatively on customers. This is an internal process based on business transactions and purchasing agreements between Fairway and Servicers/Subservicers which unfortunately does cause confusion for customers.
A sample of the letter is shown below:
Should customers call regarding this letter:
- View a copy of the Fairway Retraction Letter in Radstar/FICS
- Advise customers to disregard the Notice of Transfer received
- Customers should continue remitting payments to Fairway interim servicing (Carrollton, TX) until a new Notice of Transfer is received