11/14/19 - Outbound Emails to Customers with Outstanding Escrow Refund Checks

On October 17, 2019 an issue was identified with 370 Paid In Full loans and the final Escrow Refund Checks.  MSP Loan History reflects a 307 Escrow Refund transaction disbursed on September 24, 2019 but the checks did not print and mail.  To resolve the issue, a new check was issued and mailed on October 17, 2019 and notes were placed on these loans on the same day.


As of November 13, 2019, 81 of the 370 checks have not been cashed.  An email address is on file for 79 of these customers, and they received an email with the verbiage referenced below:


Congratulations on your recent payoff.  We are reaching out to see if you received a check in the amount of $_____ that represented your full refund.  As of 11/13/2019, we noticed that the check has not been cashed.


If you have not received the check, or received the check and did not cash it, please contact us at 877-297-5350 to update your mailing address, so that we may forward the funds.


These emails were sent from the Fairway Customer Support mailbox, and they may either reply to us by email or call.  In an attempt to expedite the return of these funds to customers we want to request a stop pay on the check and wire the funds back to the customers. 
 
Important – this special process only applies to this population of loans.  The loan list is attached to this communication.  

The comment below has been added to the customers’ loans.  The comment advises a new check will be issued.  However, since these loans were documented the decision was made to wire the funds.  



Please do not let this comment be confusing, and follow the procedure steps listed below.


If customers advise they did not receive the check:

  • Advise customers we would like to expedite returning their funds by wiring the funds directly to their bank account
  • Open the CHHSTP task and request a stop pay 
  • Reference the dollar amount of the 307 transaction disbursement on 09/24/19
  • Offer to wire these funds back to customers account
    • Obtain the wiring routing and account number for customers’ bank and document this information in the task notes
    • Wiring routing and account numbers are different than the customer’s bank routing number
    • If customers do not know their bank’s routing number for wires, perform an internet search for the information and document this in the task notes
  • If customers prefer to receive a new check, document this information in the task notes and confirm the mailing address on MAS1 ADD2 is correct

If customers advise they received the check and have not cashed it:

  • Advise customers we would like to expedite returning their funds by wiring the funds directly to their bank account
  • Follow the process referenced above to open the CHHSTP task and wire funds directly to their bank account and advise customers at stop pay will be placed on the check

If customers advise they received the check and their bank cannot verify the check:

  • Advise customers we would like to expedite returning their funds by wiring the funds directly to their bank account
  • Follow the process referenced above to open the CHHSTP task and wire funds directly to their bank account and advise customers at stop pay will be placed on the check

In addition to the task notes, make sure to thoroughly document NOTS regarding the conversation with customers on this matter.  Please see your Manager or Lead if you have questions.