May 11, 2021: Retained Servicing - New Procedure for Handling Military Allotments Has Been Published

A new procedure for Handling Military Allotments  for retained servicing loans has been published.  


This procedure is viewable in KnowledgeOwl for Retained Servicing by navigating to: 

  • Home >> Payment Options and Applications >> Military Allotments
  • Or, type “allotment” or “military allotment” in the KnowledgeOwl for Retained Servicing search bar


Information from the job aid published in KnowledgeOwl is shown below.  Please contact your supervisor or manager if you have questions.  


Procedure and Job Aid:

Active-duty military members may choose to have the military take automatic deductions from their military pay (allotments) to pay their mortgage.  Customers may request the account information to set up the allotment through their myPay or by using the DD Form 2558 (Authorization to Start, Stop or Change an Allotment Form).  

Note: If the customer has specific questions about how to set up a military pay allotment, then the customer should be advised to contact the Defense Finance and Accounting Service directly.   

Handling Military Allotments

If a customer calls indicating they are paying their mortgage by military allotment, then the designated Customer Service Team Member completes the following steps: 

1. Provide the following account information to the customer to send the payment.

Account Information

Description

Beneficiary Name

Fairway Independent Mortgage Corporation

Bank Name and Address

Wells Fargo

255 2nd Avenue South

Minneapolis, MN 55479

Beneficially Account #

4749659454

ABA Routing #

121000248

ATTN

Reference to transaction, Company Name or loan number


2. Advise the customer to include their loan number in the Remarks section of the Allotment Form (DD Form 2558). 

Note: The Account Number/Policy Number section on the form is for ServiceMac’s bank account number.

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3. Verify with the customer that the name on the allotment matches the name on the loan file. 

4. Notate the loan on the SERN screen in MSP that the customer called to inquire about the military allotment process and information was provided.