09/29/2020: Automatic Drafting Update - Setup for the First Payment on a Loan

To prevent an early drafting setup, a fix was placed into the logic for establishing drafting by not allowing a draft to occur within 10 days of the loan setup on Servicing Digital – which is the MyFairwayServicing web portal and mobile app.  

This means the first payment draft will need to be at the first payment due date (not earlier).  The fix will force the customer to select their first payment due date or within that time period to have their monthly payment drafted.   

This has been updated in the Set Up, Modify, or Cancel Autodraft section in the Retained Servicing KnowledgeOwl.

Here's an example:   On 9/28/2020 a new loan boards our system with the first payment due date of 11/01/2020.  If the monthly drafting set-up is attempted today, the new logic will force the drafting date to be 11/01/2020 or a later date (the specific date selection by the customer). 

Note:  If there is a loan that boards our system earlier in the month (for example: if the loan boards on 9/12/2020 and the first payment due date is still 11/01/2020, the system will allow the drafting date to be 10/01/2020 instead of the first payment due date.  Customer Service and Cash will be partnering together to work a report to proactively contact the customer to ensure this is their preference.