A population of 302 Retained Servicing Paid In Full loans will receive a check in the amount owed to them for Interest Earned on their Escrow Account. These loans paid in full during 2019, and the Interest on Escrow (IOE) amount was not included in their final Escrow Refund after Payoff. The dollar amount of the IOE was deposited into the Escrow account on these loans on December 31, 2019.
The impacted loans are referenced on the Spreadsheet attached to this email, and the IOE dollar amount appears in Column C. (This Newsflash and referenced Spreadsheet were distributed to team members by email from Blake Buford on 01/07/2020 at 10:20 a.m.)
The IOE dollar amount appears on the MSP Transaction History Screen (SER1 HIST or P309) as Transaction Type 160 “Interest On Escrow Deposit”. This transaction is the deposit of funds into the escrow account and does not represent the refund checks being issued to customers.
A Transaction Type 307 “Escrow Refund” will appear on the loan history on the date these checks are requested, and the checks will be printed and mailed within 3 business days of that date. Checks will be requested no later than end of day Friday, January 10, 2020.
The check amounts range from $0.01 to $230.74, and the average refund is $6.23.
Should customers call regarding these checks, advise the following:
- The dollar amount represents interest on escrow owed to them as of the date their loan paid in full in 2019
- This amount was not included in the refund of their escrow balance after their loan paid in full
See your Manager or Lead if questions.