March 23, 2021: Bi-Weekly Payments Information in KnowledgeOwl for The Street has been Updated

Information in KnowledgeOwl for The Street – viewed by loan officers and branch employees – has been updated regarding servicers who offer bi-weekly payments.  
 
 This content was updated yesterday (03/22/2021) adding Mr. Cooper to the list of servicers offering a bi-weekly payment option.  It is noted that Mr. Cooper assesses a $2.50 fee for each draft transaction.


Please make sure to provide this updated Bi-Weekly Payments list to loan officers who inquire about this information.


 Please see your team lead or manager if you have questions.


Bi-Weekly Payments

Last Modified on 03/22/2021 10:42 am EDT

DISCLAIMER:  The servicers/subservicers contained within this information do not include all servicers/subservicers to which Fairway transfers loans.  These are some of our higher volume partners.   Fairway does not own or influence this information and cannot confirm its accuracy on a day-to-day basis.  This information is owned and controlled by the referenced Servicer and/or Subservicer. This information may change at any time and Fairway (as a third party) would not be advised of changes.  This information is gathered as a courtesy by periodically contacting these servicers and subservicers and asking that they voluntarily share their current process/policy specific to these activities.   Decisions and requirements may vary from servicer to servicer based on processes and interpretations.


Some mortgage servicers Fairway transfers loans to offer a Bi-Weekly Payment Option.  

Loans that close as retained servicing with Fairway, through our sub-servicer ServiceMac, are offered a Bi-Weekly Payment Option.  

With the Bi-Weekly Payment Option, customers sign up to have one-half of their monthly mortgage payment drafted on an every-other-week schedule.  Over a 12 month period, there will be two of the one-half payment drafts applied as additional principal curtailment.

Pre-payment dates and scheduled draft dates vary by Servicer, and some Servicers offering the Bi-Weekly Payment Option require customers to complete and return an enrollment form.  Some Servicers may require customers to be prepaid on their mortgage by one to two months.  

Each Servicer has specific requirements, and it is important that customers work directly with their Servicer regarding terms and requirements of an available Bi-Weekly Payment Option.


Mortgage Servicers Offering the Bi-Weekly Payment Option Include:

  • Fairway retained servicing (ServiceMac)
  • Chase
  • Colorado Housing Finance Authority (CHFA)
  • Dovenmuehle (DMI)
  • Flagstar
  • M&T Bank
  • Mr. Cooper - $2.50 fee for each draft transaction
  • NewRez
  • PNC
  • RoundPoint
  • Shellpoint
  • Wells Fargo


Mortgage Servicers Not Offering the Bi-Weekly Payment Option Include:

  • Bayview
  • Homeloan Serv
  • Loancare
  • Servi Solutions
  • US Bank

This is not a list of all Servicers Fairway may transfer loans to.  This is a list of those Servicers Fairway may transfer loans to who offer a Bi-Weekly Payment Option.

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This communication is for internal use to provide you with information to assist your customers.  This is not approved to post on social media.