Fairway attempts to collect funds for payment(s) owed to interim servicing but not remitted by customers prior to their loan transferring to the new servicer.
- For a period of time after transfer, a series of outbound calls are made and letters are sent in an attempt to collect the funds owed to Fairway
- After unsuccessful attempts, the amount of the payment(s) owed may be charged off as a loss by the Fairway Accounting Department
If a payment is charged off, customers may still remit the payment owed and Customer Experience is able to process a payment by phone to collect these funds.
How to identify a loan with a charge off:
Principal balance will reflect $0.00:
View Loan Data – Histories – View History and identify a Cash Charge Off transaction.
Click on the transaction to view the principal, interest and escrow amounts:
Compare the Due Date to Fairway to the Investor First Payment Due on the General – Investor/Service Fee screen.
In this example, the first payment due to the new servicer was 11/01/2020 and the FICS due date indicates the 10/01/2020 payment is owed to Fairway:
The Memos screen will be documented that a payment is owed to Fairway:
If customers wish to remit payment for the funds owed:
Advise of payment options
- Process a one-time payment by phone
- Customers may mail a check to the Fairway Carrollton, TX P.O. Box Payment Address
If customers process a payment by phone, email firstname.lastname@example.org and include the following details:
- Subject Line: Charge Off Payment Processed - Loan Number xxxxxxxxxx
- Body of email:
- Advise customer made payment on <date>
- Advise of the due date on the loan
- Dollar amount paid