April 23, 2021: Payoff Quotes for Retained Renovation Loans

Summary:

Payoff quotes for retained servicing renovation loans do not generate when team members run the MSP Payoff Director Script.

  • Script allows input of required data to request a quote, then a message advises the loan is a Renovation Loan
  • The payoff quote does not generate, and the MSP Director Script should not be used for this scenario
  • Manual processing and special handling for these payoff quotes is required


High level overview of the special handling steps include:

  • Identify the retained servicing loan as a renovation loan
  • Email Fairway Cashiering Team to determine if renovation funds are being held by the Renovation Team
  • Fairway Cashiering Team will contact the Renovation Team and reply with the answer
  • Follow the outlined steps shown below to complete the payoff quote request for the scenarios where renovation funds are or are not held

Procedure Details:  

Special processing is required when requesting payoff quotes on retained servicing renovation loans.  These loans may have funds dedicated to the renovation of the property held in a special escrow account monitored by the Fairway Renovation Team.  These funds are not part of the regular escrow account and are not viewable in MSP.  If funds are held for renovation of the property, they must be accounted for when payoff quotes are generated.


How To Identify Retained Servicing Renovation Loans in MSP:

Retained servicing renovation loans display the Indicator shown below:


Follow the steps listed below when requesting a payoff quote for a retained servicing renovation loan: 

Email the Fairway Cashiering Team at cashmanagement@fairwaymc.com and include the following information:

  • Subject line: “Renovation Loan Payoff Quote – Loan Number xxxxxxxxxx”
  • Body of email:  Advise this is a retained renovation loan and request if funds are being held by the Renovation Team 


The Fairway Cashiering Team will contact the Renovation Team and obtain any dollar amount of renovation funds being held by the Renovation Team.  

The Fairway Cashiering Team will reply with a response to your email upon their receipt of the response from the renovation team.


Once the response is received from the Fairway Cashiering Team, determine if renovation funds are being held by the Renovation Team and follow the applicable process defined below:

If renovation funds are held by the Renovation Team:

  • Email your manager who will submit the request to ServiceMac for processing
  • Include the following information in the email to your manager:
    • Subject line: "Renovation Loan Payoff Quote - Loan Number xxxxxxxxxx"
    • Body of email:
      • Manage Engine Ticket Number
      • Name and phone number of requestor
      • Good through date for the payoff quote
      • Method of delivery of payoff quote (fax, email, or mail) 
      • Net Escrow - Yes or No
      • Attach email from Fairway Cashiering team including the dollar amount of renovation funds held by Fairway   
  • Managers will email this information to the designated point of contact at ServiceMac 
  • ServiceMac generates the payoff quote properly adjusting the dollar amount based on renovation funds being held
  • ServiceMac provides the payoff quote to the Fairway team manager who will distribute the quote to the requestor
  • MSP and Manage Engine (if applicable) will be documented and the quote will be viewable in MSP and DMS following established processes


If no renovation funds and are held by the Renovation Team as property repairs have been completed:  

  • Email your manager who will submit the request to ServiceMac for processing
  • Include the following information in the email to your manager:
    • Subject line: "Renovation Loan Payoff Quote - Loan Number xxxxxxxxxx"
    • Body of email:
      • Manage Engine Ticket Number
      • Name and phone number of requestor
      • Good through date for the payoff quote
      • Method of delivery of payoff quote (fax, email, or mail) 
      • Net Escrow - Yes or No
      • Attach email from Fairway Cashiering team including the dollar amount of renovation funds held by Fairway   
  • Managers will manually generate the payoff quote using the PAY1 - PAY4 screens in MSP
  • Managers will distribute the quote to the requestor
  • MSP and Manage Engine (if applicable) will be documented and the quote will be viewable in MSP and DMS following established processes


ServiceMac is developing an enhancement to the MSP Director Script to permit processing of retained renovation loans in the future.  Updates on this enhancement will be distributed in future communications.


This procedure is viewable in KnowledgeOwl for Interim Servicing and Servicing911 in the Payoffs and the Renovation Loans sections.