Listed below are key points regarding the loans transferring to Flagstar Bank. Scroll down for a suggested script for call handling on today’s issues.
- Customers whose loans are scheduled to transfer to Flagstar Bank on Monday February 1, 2021 are unable to process payments after logging in to their MyFairwayServicing online account
- Customers are able to Pay as a Guest from the MyFairwayServcing landing page/homepage by clicking the green ‘Make A Payment’ button and not logging into their online account
- A banner message is being added to the MyFairwayServicing webpage advising of the above-referenced instructions - the banner message will also provide customers the option to make a payment by using the automated phone system
- These transferring customers can remit payments using the above-referenced options through January 31, 2021 - As of February 1, 2021 the servicing of these loans transfers to Flagstar Bank, and these customers will no longer have access to the MyFairwaySerivcing web portal or mobile app
- It is best to advise customers to allow Flagstar Bank the first week of February to board their loan information into their system
- It is imperative to remind customers of the RESPA protection in effect for 60 days from the transfer effective date:
- stop late charges from being assessed
- prevent negative credit bureau report from occurring
- Make sure to empathize with customers who are upset and apologize for any frustration or inconvenience this matter has caused
“<Customer Name>, the servicing of your loan is transferring from Fairway to Flagstar Bank on February 1, 2021. While you are not able to process a payment by logging into your online account, I will be glad to process a payment for you today if you wish to pay your mortgage now.
I realize this is frustrating for you and sincerely apologize for any inconvenience.
Please be assured your loan is protected for 60 days from the transfer date - and during this 60 day period as required under RESPA guidelines - late payments will not be reported, late fees will not be charged, and negative credit bureau reporting will not occur. You will not be negatively impacted.
It is recommended that you allow Flagstar Bank the first week of February to onboard your loan before contacting them for assistance or to process a payment. This is a normal processing timeframe for loans in a servicing transfer.
Please feel free to check your account on the Flagstar Bank website to see when your loan data is available on their system. Their website is www.flagstar.com/myloans.
I will be glad to answer any additional questions you have regarding this transfer.”