April 16, 2021: Interim Servicing Loans - Recast Information Has Been Updated

Recast information in KnowledgeOwl has been updated.  This information is located in the KnowledgeOwl viewed by The Street (Fairway Loan Officers and Branch Employees) in the Recast section.

Servicing911 team members must begin providing this updated information/matrix to loan officer effective with the distribution of this newsflash.  Discontinue distribution of prior versions of the Recast Matrix.

Prior communications advised Chase no longer permitted recasts.  Upon further research and discussion, Chase advised they allow recasts.  The Chase recast requirements have been added to the Recast Matrix.

Additional content changes and updates include:

• Recasting Guidelines By Servicer Matrix:
  • Added guidelines for Select Portfolio Servicing and TIAA Bank
  • Removed guidelines for Dovenmuehle, PNC Mortgage, NewRez, and Roundpoint as Fairway no longer sells loans to these servicers/subservicers
  • Verbiage clarifying the guidelines for loans serviced by Chase do not apply to JP Morgan loans
    • Chase permits recasts on loans they service directly
    • JP Morgan loans are a different entity and do not permit recasts

• Servicers Not Permitting Recasts:
  • JP Morgan loans – their servicers/subservicers do not permit recasts on these loans
  • JP Morgan Jumbo Fix-30 Conduit Loans
  • Shellpoint 

Please contact your supervisor or manager if you have any questions.