The information in this newsflash applies to Interim Servicing and Servicing Transferred loans.
Servicing will send an All Company Communication from Kim Yowell on Tuesday, March 3, 2020 regarding Bi-Weekly Payment options.
This communication is targeted to Loan Officers and Branch Staff, and the key points of this message are:
- Not all Servicers and Subservicers who receive loans from Fairway offer Bi-Weekly Payments
- View the Servicing KnowledgeOwl for a list of Servicers and Subservicers offering this program
- An email address for Secondary Marketing is provided with the time frame to request a loan be assigned to a Servicer or Subservicer providing this option
A copy of the communication is shown below. Please read and become familiar with this information.
Bi-Weekly Payment Option – Not Offered by all Servicers and Subservicers
The option for customers to remit Bi-Weekly Payments is not offered by every Servicer and Subservicer who receives servicing transferred loans from Fairway.
A list of key Servicers and Subservicers who offer the Bi-Weekly Payment option is available in the Servicing KnowledgeOwl site. Fairway Servicing keeps this list current and updated as we receive updates and guidelines from these Servicers and Subservicers.
To request a loan to be assigned to a Servicer that offers the Bi-Weekly Payment option, send an email to Secondary Marketing at: Secondarygroup@fairwaymc.com
Make sure to submit this request as soon as a loan number is assigned in Encompass!
Secondary must be notified as soon as possible and before the loan closes.
To view the Servicing KnowledgeOwl:
Click The Owl on the Intranet page and launch the Servicing KnowledgeOwl.
Once launched, type Bi-Weekly Payments in the Search field
Find this topic on the menu on the left side of the KnowledgeOwl page
Make sure to visit the Servicing KnowledgeOwl for up-to-date information on this and many other important Servicing topics!