Correspondent Loans - Key Points for Year End

If the Encompass Loan Info Channel (Field 2626)  says “Correspondent”, the loan is a correspondent loan.  

Interest, MI and Points Collected at closing are not reported by Fairway, however some payments may be.

  • Points Paid: All Points paid at closing will be reported by the correspondent lender (Originating lender)
  • Upfront MI: All MI paid at closing will be reported by the correspondent lender (Originating lender)
  • Upfront Interest  Paid: All Interest paid at closing will be reported by the correspondent lender (Originating lender)
  • Interest Collected in Payment: Reported by the Servicer receiving the payment
  • Monthly MI Payments: Reported by the Servicer receiving the payment