Interim servicing customers whose payments processed on Wednesday, December 8, 2021 will experience an additional one day delay in seeing the funds deducted from their checking or savings account.
Typically, the funds for interim servicing mortgage payments are deducted from customers’ checking or savings account the next business day. Due to a processing issue with the financial institution Fairway partners with for transaction processing, funds were not properly deducted during end of day processing on December 8, 2021.
These transactions are being re-processed correctly today at the financial institution, and customers who made payments on December 8, 2021 should see the funds deducted from their checking or savings account when they view transactions on Friday December 10, 2021.
For their interim serviced mortgage, customers who processed payments on December 8, 2021 will receive credit with Fairway for the posting of these funds effective December 8, 2021, in compliance with established payment cutoff timeframes.
If customers inquire about this issue, advise the following:
- Credit for mortgage payments processed December 8, 2021 will be effective as of that date
- Expect to see the funds deducted from your checking or savings account on Friday December 10, 2021
- No further action is required on the part of our customers
Please contact your supervisor or manager if you have any questions.