DISCLAIMER: This chart does not include all correspondent/jumbo programs. These are some of our higher volume partners. Fairway does not own or influence this information and cannot confirm accuracy of recast options and requirements on a day-to-day basis.
This recast information is for internal use to provide you with information to assist your customers. Do not provide this chart directly to customers, and this is not approved to post on social media.
There is no guarantee a servicer's/subservicer's recast guidelines will remain the same after the origination of the loan.
The recast option and the associated requirements are solely owned and controlled by the referenced new (transferee) servicer and/or subservicer. Their policies may change at any time and Fairway (as a third party) may not be advised timely of any changes. Options, requirements, and processes vary from servicer to servicer.
To understand the current options available with new servicers/subservicers, carefully review the product code and associated product/purchaser guidelines for correct information on who permits recasts. If there are specific questions after reviewing that information, please contact the Product Team for assistance at (888) 650-4080 or email to: producthelp@fairwaymc.com.
| Jumbo Loans: Investors / Servicers Permitting Recasts | ||||||
| Servicer: | Redwood/SPS (Select Portfolio Services) | TIAA Bank | JP Morgan Chase Bank (Serviced by JPMC) | Goldman Sachs (Serviced by Shellpoint) See Securitization Disclaimer Below | Private Label Securitization (PLS) Subserviced by Mr. Cooper | US Bank Jumbo |
| Recast Eligibility Required waiting period before ability to request | After 1st Payment at Redwood's Subservicer (Select Portfolio Services) | After 1st Payment at Bayview | After 1st Payment | After 1st Payment at Loancare | 3 - 4 Months after Origination AND 30 - 45 Days After Transfer to Mr. Cooper | After 1st Payment at US Bank |
| Recast Fee | No Fee | $250 | No Fee | $300 | $250 | $250 |
| Minimum Curtailment | $10,000 | $5,000 | No Minimum Amount | 10% of Unpaid Principal Balance | Minimum: $10,000 Maximum: 85% of Unpaid Principal Balance | No Minimum, but US Bank Recommends at Least 10% of Unpaid Principal Balance |
| Estimated Completion After Recast Process Starts | 6 to 8 Weeks | 6 to 8 Weeks | 6 to 8 Weeks | 6 to 8 Weeks | 12 Weeks | 6 to 8 Weeks |
| Jumbo Loans: Investors / Servicers NOT Permitting Recasts | ||||||
| JP Morgan Acquisition Corp loans subserviced by Shellpoint | There may be other servicers/subservicers who do not permit recasts | |||||
| RECAST INFORMATION AND ADDITIONAL COMMON GUIDELINES | ||||||
| Securitization Disclaimer: Securitization of mortgage loans is a common strategy for investors. The designation for and/or inclusion of a mortgage in a securitization may materially delay or prohibit the completion of a recast loan modification. Recast requests are therefore reviewed by the servicer on a case-by-case basis. | ||||||
| This list includes servicers Fairway transfers loans to who have made us aware of their recast guidelines. There may be other servicers/subservicers who do not permit recasts. Not all servicers perform recasts, and servicers/subservicers may change their recast guidelines at any time without notifying Fairway. Customers MUST contact their current servicer for details. Guidelines and requirements vary by servicer. | ||||||
| Common Recast Requirements Include: 1. Loan mau not have had a previous modification 2. Loan may not be delinquent on monthly payments or in an active bankruptcy status 3. The loan may not be Interest-Only - During the interest-only period it is not necessary to request reamortization 4. Adjustable Rate Mortgages must be greater than 6 months from an interest rate adjustment 5. Servicers may limit the number of recasts permitted during the life of the loan 6. The recast process is a formal modification to the mortgage loan and extended required processing times may apply | ||||||
| Recast Processing and Completion Timeframe: The estimated completion time starts after the Recast Eligibility time has passed AND customers successfully request the recast in accordance to servicer guidelines. | ||||||
| PMI Removal after a Recast occurs: PMI removal may not be triggered automatically after a recast, and requirements may vary among other servicers based on their interpretation of guidelines. Customers must contact their current servicer for PMI removal details. | ||||||
This communication is for internal use to provide you with information to assist your customers. This is not approved to post on social media.