Servicing Interim - Successor in Interest Other Servicer
Dear <Customer Name>,
Thank you for contacting Fairway’s Customer Experience Team. On behalf of Fairway, we extend our deepest condolences to the family.
This mortgage loan is being serviced by (Servicer Name), and coordination will be required to commence the successor in interest process. Please contact <Servicer Name> at <Phone Number, Email address and Website for new servicer>.
Servicers have “Successors in Interest” processes in place for this scenario. This process is highly regulated by The Consumer Financial Protection Bureau (CFPB) in terms of ensuring the servicer is diligently following requirements to assist the Potential Successor (PS).
The Consumer Financial Protection Bureau (CFPB), defines a successor in interest as the recipient of ownership interest in a property securing a mortgage loan as a result of:
• The death of a co-borrower on the mortgage secured by the property;
• The death of a relative who is a mortgagor on the property;
• Transfer by a spouse or parent;
• Transfer as a result of a divorce or legal separation;
• The establishment of a living trust;
Every servicer will have a minimum amount of documents that the Potential Successor (PS) would have to complete in relation to this process. As an example, the PS may have to submit a successor in interest application, copy of driver’s license and applicable documents to their unique situation (document requirements vary by State).
If we may be of further assistance, please contact Customer Experience at the phone number or email address shown below.
Thank you for contacting Fairway Independent Mortgage Corporation.