Retained Servicing: CS012 Letters with Decimal Point Placement Issue
A newsflash has been published in KnowledgeOwl for Retained Servicing regarding Drafting Confirmation Letters generated and mailed with a decimal point placement issues for funds allotted to additional principal.
View this information in KnowledgeOwl for Retained Servicing Loans by navigating to:
Home >> News Flash! >> July 2021 >> CSO12Letter with Decimal Point Placement Issue
The information in this newsflash, including verbiage contained in correction letters and email sent to impacted customers, is shown below. There are 63 Fairway retained servicing customers impacted by this issue.
Please contact your supervisor or manager if you have any questions.
DRAFTING CONFIRMATION LETTER (CS012): was dated from 6/17/2021 to 6/22/2021 AND there were funds allotted to additional principal as part of the drafting request, please communicate the following:
- Additional principal payment amount is CORRECT in the system of record, the letter moved the decimal point of the amount entered by two spaces. For example: the customer’s election of $20.00 was $2,000.00 on the letter
- The full drafting amount would have been incorrect, IF there was additional principal included
Verbiage in the email communication to be sent to the impacted customers is shown below. Additionally, corrected letter version of the CS012 will be generated and this will be communicated as part of the email communication.
NOTE: If there were NO funds allotted to additional principal, there was no issue with the letter.
Customer email and letter verbiage:
** IMPORTANT INFORMATION REGARDING YOUR RECENT DRAFTING SETUP **
You recently setup automatic drafting on your mortgage payment with Fairway Independent Mortgage Corporation, that included an additional principal amount. A letter was sent to confirm the setup of the automatic drafting and the additional principal amount had the decimal point in the incorrect place – for example, the letter said $1,000.00 for extra principal instead of $10.00. Since the decimal point did not have the correct placement, this also caused the total draft amount to be incorrect on the letter as well. A corrected drafting confirmation letter will be sent via regular mail to you in the next 10 business days.
What action do I need to take?
You do not need to take any action. Fairway Independent Mortgage Corporation wanted to provide you awareness because the letter you received contained an incorrect additional principal amount and the total payment amount to be drafted. Please rest assured, your additional principal amount and total payment amount to be drafted is correct within our system records, it is only the letter which contained the incorrect information.
We are here to support you.
Customer satisfaction is extremely important to Fairway Independent Mortgage Corporation and we sincerely apologize that the information provided in the automatic drafting confirmation letter was incorrect. Please know that our most valuable asset is you, as our customer, and we are here to support with you any questions.