Dollar amount limits have been established for additional principal curtailments remitted by personal check or a one-time ACH transaction processed in Lift for interim serviced loans.
- Personal checks remitted from interim servicing customers for principal curtailments only should not exceed $10,000.00
- One-time ACH transactions processed for interim servicing customers in Lift for principal curtailments only should not exceed $10,000.00
Personal checks and one-time ACH transactions in Lift will be accepted for all dollar amounts remitted for monthly mortgage payments.
Customers may include up to $10,000.00 toward additional principal - in addition to their monthly mortgage payment amount - when remitting both amounts using a personal check or a one-time ACH transaction in Lift.
- Monthly mortgage payment is $12,000.00, and customer may include up to $10,000.00 for additional principal using the same personal check or the same one-time ACH transaction in Lift
- $22,000.00 in a personal check or one-time ACH transaction in Lift would be accepted in this instance
If customers remit personal checks greater than $10,000.00 for a principal curtailment only, the following steps will occur:
- The personal check will be returned with a letter of explanation advising dollar amounts greater than $10,000.00 for principal curtailments must be sent via wire transfer or certified funds
- The Fairway Cashiering Team will request an outbound call to these customers
Curtailment payments made prior the loan transferring to the new servicer cannot be used toward recast requests. Customers intending to pay a curtailment and request a recast should hold on to the funds and remit them to the new servicer, within their recast processing guidelines.
Note: This does not change the wire transfer or certified funds policy regarding payoff remittances. Funds to pay a loan in full must always be sent to Fairway by wire transfer or certified funds regardless of the dollar amount.