08/20/19 - Short Year Statements

Under RESPA, we are required to provide customers a Short Year Statement within 60 days following the servicing transfer date.  These statements will generate for all escrowed loans after the loan is servicing transferred to the new servicer/subservicer. The statement will provide the escrow account status including any escrow activity such as a payment application or an escrow (tax or insurance) disbursement.

The statement must disclose the below amounts for the brief period of time Fairway interim services (between loan closing and servicing transfer):

• Amount of the monthly payment deposited into the escrow account
• Total amount paid into the escrow account 
• Amounts disbursed from the escrow account to pay taxes, insurance premiums, and other charges, if applicable
• The balance in the escrow account as of the effective date of the servicing transfer

Key Points:

·         Mailing of these statements begins on August 20, 2019 for loans that are servicing transferred.

·         There is no action required on the part of our customers or loan officers.

·         An example of a Short Year Statement is shown below:

If you have any questions, please email us at Servicing911.