09/25/19 - Credit Bureau Reporting Update Occurring Tonight

Tonight, 9/24/19, a special September credit bureau file will transmit to reestablish our customers’ mortgage trade line with the 4 credit bureaus.  As with any file going to a credit bureau, it can take a few days to process.


As a reminder, Fairway Retained Servicing Loans will regularly report credit bureau on the 5th of the month (or if a weekend or holiday the following business day), therefore the first real credit bureau reporting cycle will be October 7th


For loans transferred from Cenlar, activity will report unless it is negative, that will be blocked as part of the 60 day protections on transferred loans.


Recap:

Wednesday, 9/24/19, submission to credit bureaus to re-establish trade lines on conversion/transferred loans (as the Cenlar service release removed the trade lines).


Monday 10/7/19, First full credit bureau reporting cycle at ServiceMac (across the board, flow and conversion). Negative reporting suppressed on transferred loans.