Notice of Transfer letters for 439 Ginnie Mae loans did not generate and mail within the required RESPA time frame for the January 1, 2020 effective date. Servicing for these loans is transferring from Fairway to LoanCare, LLC.
The required Notice of Transfer Letters, along with the letters of explanation regarding the delay, have been printed and will be mailed on Thursday, December 19, 2019. The correct Notice of Transfers and letters of explanation are viewable in Radstar.
Attached to this communication is a spreadsheet containing the impacted loan numbers. The verbiage from the letter of explanation is shown below.
Dear Valued Customer(s),
Enclosed please find the Notice of Servicing Transfer, which explains that your loan is being transferred to your new servicer as detailed further in the enclosed notice. We apologize, as we encountered business conditions, which caused an unusual delay in the sending of the enclosed Notice of Servicing Transfer. Please be assured, we are working closely with your new servicer to forward any payments (as needed) to the effective date of your servicing transfer as referenced in the enclosed notice of transfer.
As we are operationally performing your servicing transfer at this time, we will continue to forward your payment for 60 days from this date. Please know you will be afforded the same protections from this date and for a period 60 days as described in your notice.
If you have any questions, please contact our Customer Service department at 1-800-201-7544, Monday through Friday between 8:30 AM to 5:00 PM CT.
Fairway Independent Mortgage Corporation
Customer Service Department
See your Manager or Lead if you have any questions.