Recast Guidelines - Non-Retained Servicing

Last Updated 02/04/2022

Non-Retained Servicers Permitting Recasts Guidelines
Servicer:JP Morgan Chase Bank (Serviced by JPMC) BayviewTwo Harbors/ Flagstar
 Bank
LoancareLakeview/
 M&T Bank
Mr.
 Cooper
Select
 Portfolio
 Servicing
TIAA
 Bank
US
 Bank
Wells
 Fargo
Loans transfer to the new servicer 45 - 60 days after fundingJP Morgan Mortgage Acquisition Corp loans subserviced by Shellpoint do not permit recasts








Recast Eligibility
 Required waiting
 period before
 ability to request
After 1st
 Payment
 at
 JPMC
After 1st
 Payment
 at
 Bayview
After 1st
 Payment
 at
 Flagstar Bank
After 1st
 Payment
 at
 Loancare
After 1st
 Payment
 at
 M&T Bank
45 days
 after
 Servicing
 Transfer
After 1st
 Payment at
 Select Portfolio Servicing
After 1st
 Payment
 at
 TIAA Bank
After 1st
 Payment
 at
 US Bank
90 days
 after
 Servicing
 Transfer
Recast Fee
No
Fee
$300$300$300$250$250
 Where Permitted by State*
No
Fee
$250$250No
Fee
Minimum
 Curtailment
No
 Minimum
 Amount 
10% of
Unpaid
Principal
Balance
$10,00010% of
Unpaid
Principal
Balance
$10,000$10,000$10,000$5,000No Minimum Requirement,  at least 10% of the unpaid principal balance is suggested$20,000
Estimated
 Completion
 After Recast
 Process Starts
6 to 8
 Weeks
8 to 12
 Weeks
6 to 12
 Weeks
8 to 12
 Weeks
6 to 8
 Weeks
12
 Weeks
6 to 8
 Weeks
6 to 8
 Weeks
4 to 8
 Weeks
8 to 12
 Weeks
Investor/Loan Type
 Permitting Recasts
Conventional
 Loans
Conventional
 Loans
Conventional
 Fannie Mae
 Freddie Mac
Conventional
 Loans
Conventional
  Fannie Mae
 Freddie Mac
Conventional
 Loans
Conventional
 Loans
Conventional
 Loans
Conventional
 Loans
Conventional
 Loans
RECAST INFORMATION AND ADDITIONAL COMMON GUIDELINES
*Specific to Mr. Cooper, the $250 Recast Fee is not assessed to customers in these States: Alabama, Arizona, California, Iowa, Kansas, Massachusetts, Mississippi, Montana, North Carolina, Pennsylvania, Texas, Vermont and West Virginia
Recasts may only be performed on Conventional loan types if permitted by the servicer/subservicer. Recasts cannot be performed on FHA, RHS or VA loan types.
 
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.

Guidelines and requirements vary by servicer.  Customers must contact their current servicer for details.
Common Recast Requirements Include:
1. Loan may 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.  Customer must contact their current servicer for PMI removal details.

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