The Escrow Department completed the annual escrow analysis for approximately 4,700 retained loans in Wisconsin on March 31, 2021 with payment changes effective June 1, 2021.
- 615 loans with escrow overage amounts of $50.00 or greater will receive overage refund checks attached to the analysis disclosure statement
- 299 loans with escrow overage amounts less than $50.00 given as a one-time credit on the first payment of the new calculation period (June 1, 2021 monthly payment)
- The remaining loans have escrow shortage and payment increase amounts
Customers with escrow shortages may have questions about their analysis statement. The statement format has been revised, and the option to pay the escrow shortage in one lump-sum payment is not shown.
Escrow shortage amounts are automatically spread over the next 12 monthly payments
as explained in the sample Annual Escrow Account Disclosure Statement shown below:
Customers may elect to pay their escrow shortage in full by:
- Remitting the exact dollar amount of the escrow shortage with their monthly payment and designating the additional funds be applied to escrow
- Mailing a separate payment for the exact dollar amount of the escrow shortage and designating these funds be applied to escrow
- Processing an escrow only payment for the exact dollar amount of the escrow shortage through the retained web portal or mobile app, www.MyFairwayServicing.com.
These analysis disclosure statements will be printed and mailed to customers no later than Friday April 2, 2021.
Loan officers and employees with questions regarding the Wisconsin escrow analysis should contact Servicing911 at Servicing911@fairwaymc.com.
Please direct customers with questions regarding the Wisconsin escrow analysis to call Customer Experience toll-free (877) 297-5350 Monday – Friday, 8:30 a.m. – 5:00 p.m. Central Time.
This communication is for internal use to provide you with information to assist your customers. This is not approved to post on social media.