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Loan servicing by FairwayNEXT provides convenient ways to obtain valuable information about your mortgage loan, such as where to make your first payment as well as who your current servicer is, and, if necessary, you can make a one-time ACH payment!
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Fairway Independent Mortgage Corporation
At Fairway Independent Mortgage Corporation, customer service is a way of life. We are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted advisor, providing highly personalized service and helping you through every step of the loan process — from application to closing and beyond. It’s all designed to exceed expectations, provide satisfaction and earn trust.
Many activities must occur during the life of a mortgage loan such as the application of monthly mortgage payments received from customers. Other activities may include the payment of taxes and insurance premiums from customer escrow accounts, customer service support, performing payment adjustments on adjustable-rate mortgage loans, providing assistance with payment options during difficult times and many other activities. Collectively, these are mortgage-servicing activities performed by your mortgage servicer.
From time to time, mortgage loans transfer from one mortgage servicer to another. When that occurs, you will receive a Notice of Servicing Transfer from your current servicer prior to the transfer of your servicing as well as a similar notice from your new servicer after the transfer or the notices may be combined into a single notice of servicing transfer sent prior to the servicing transfer date.
The Notice of Servicing Transfer letter relating to your new servicer is mailed to you in a Fairway green envelope. If you do not receive this information, please feel free to email us at servicing@fairwaymc.com or call our Customer Experience Department toll-free at (800) 201-7544, Monday–Friday from 8:30 a.m. to 5:00 p.m. Central Time. We will be happy to send a copy of your transfer notice.
In addition to the servicing of your mortgage loan, the ownership of your mortgage may change as well. The owner of your mortgage loan (which is referred to as an “investor” or a “government sponsored entity” or “GSE”) provides a framework of requirements regarding your mortgage loan, including options available if you encounter difficulties in making your monthly payments. When the ownership of your mortgage loan changes, you will receive a letter providing this information. Often, this is a letter sent by either Fannie Mae or Freddie Mac.
A transfer of servicing does not change any terms of your mortgage loan. It only changes who is performing servicing activities to support your mortgage loan.
Remember to watch for the Transfer of Servicing notice from Fairway in your mail. You can’t miss it - look for the bright Fairway green envelope!
If your first payment is due to Fairway, please mail your first payment to the address highlighted in this section or call our Concierge Department to make a payment via phone free of charge.
Once your loan transfers to your new servicer you may have options to set up online payments, recurring automatic draft and biweekly payments if offered by your servicer. Contact your new servicer directly for details on all available payment options.
For some customers, the first payment may be due to your new servicer. Be sure to watch for the Transfer of Servicing notice from Fairway in your mail. You can’t miss it — look for the bright Fairway green envelope!
Your Notice of Servicing Transfer (mailed in the bright Fairway green envelope) will provide you all of the contact information for your new Servicer. To assist you, below are a few of the industry leading servicers who may receive servicing transferred by Fairway:
Upon the sale and servicing transfer of your mortgage loan, Fairway is unable to subsequently change your new servicer. Your new servicer controls the activities and decisions supporting your mortgage loan. With written authorization (as per your new servicer’s requirements), Fairway may be an advocate for you if requested. Even if your servicing transfers, your relationship is important to each of us at Fairway.
Private mortgage insurance (PMI) is required on Conventional mortgage loans that originate with a loan to value (LTV) ratio of 80% or more. If the down payment at the time of the origination is less than 20% of the original mortgage loan amount, PMI must be included in the escrow portion of the monthly payment.
Based on your loan type and other investor requirements, you may be eligible to request PMI be removed prior to its automatic termination date.
You can request PMI be removed when your loan-to-value ratio (LTV) reaches 80%. A written request must be submitted to your current servicer for the loan to be reviewed and the conditions must meet all applicable requirements for approval.
PMI will automatically be dropped when the LTV reaches 78% based on the original term and amortization of the mortgage loan.
PMI removal request must be submitted to your new servicer once your loan transfers. PMI removal requests cannot be processed until your mortgage loan transfers to your new servicer.
For more information, please contact our servicing department at servicing@fairwaymc.com
The ability to remove PMI is governed by federal law and investor requirements. An investor is the party who owns your mortgage loan. Examples of the top investors for conventional loans are Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). Decisions and requirements may vary from servicer to servicer based on processes and interpretations. Your current servicer performs this evaluation and the processing of the request.
Fannie Mae - View Guidelines, Click Here
Freddie Mac - View Guidelines, Click Here
Decisions and requirements may vary from servicer to servicer based on processes and interpretations. Your current servicer performs this evaluation and the processing of the request.
A recast is the process of paying a large principal payment on your loan and re-amortizing the payments over the remaining term of the mortgage. This does not shorten the term or change the interest rate like a refinance, but it reduces the amount of the principal and interest portion of the monthly payment over the remaining life of your loan. This process is most commonly associated with the sale of an original home, investment home or second home.
Example – When buying and financing a new home, the new mortgage may originate before the sale of the previously owned property occurs. When the previously owned property sells, some customers wish to pay those sale proceeds toward the unpaid principal balance of their new mortgage loan.
Conventional Fannie Mae and Freddie Mac loan types are eligible to be recast.
FHA, USDA and VA loan types are not eligible to be recast.
General Recast Guidelines
Please view this helpful video for more information about a recast:
Decisions and requirements may vary from servicer to servicer based on processes and interpretations.
The process of removing PMI once a recast is complete does not occur automatically.
This is a separate request and process that is handled by your new servicer.
Depending on the loan type, the amount paid toward the unpaid principal balance, and the original appraisal amount, loans may qualify to have PMI removed after a recast is complete.
Loans must meet investor guidelines for PMI deletion, including loan-to-value ratios and payment history requirements.
Decisions and requirements may vary from servicer to servicer based on processes and interpretations.
An escrow account is an account that receives a portion of your monthly mortgage payment that covers the yearly costs of:
The monthly escrow payment amount equals 1/12 of the total of your taxes, homeowners insurance, and mortgage insurance, if applicable. Depending on the location and state of your mortgage property, there are additional factors in the calculation of your escrow payment.
The monthly escrow amount is added to the principal and interest portion of your payment to make up your total monthly mortgage amount. Escrow amounts may change from year to year based on your tax and insurance amounts.
Some states allow mortgage servicers to maintain a cushion — or an additional amount of funds — to help offset a large shortage on the escrow balance should tax amounts and/or insurance premiums increase significantly. Cushion amounts may be no more than 1/6 of the total escrow charges for the year, which means no more than two months’ worth of monthly escrow collection may be maintained in the escrow account above and beyond amounts required to pay the bills for escrowed items when they come due.
Escrow accounts are required for the life of the loan for FHA and VA loans. Conventional loan types may qualify for escrow deletion if specific investor requirements are met.
In some instances, escrow accounts may be removed from the mortgage loan. These have to be reviewed on a case-by-case basis dependent upon investor and agency requirements. A written request is typically required.
Some city and county tax agencies send copies of bills to the property owner, even if taxes are included in your escrow account. If you are concerned your taxes have not been paid timely or would like to forward the bill to Fairway to ensure it is paid, please email us at servicing@fairwaymc.com or call 1-800-201-7544. If your servicing has transferred, please contact your new servicer.
Fairway will send a transfer notification to your insurance provider with the name of the new servicer, the transfer effective date and the mortgagee clause for the new servicer. It is recommended that you contact your insurance provider upon receipt of your Notice of Transfer to ensure all records are up to date and accurately reflect your new servicer’s information as provided by your new servicer.
Please do not change insurance companies/carriers until after your loan transfers to your new servicer!
Your new servicer may not receive key details about a new insurance policy or provider timely due to transfer activity.
Delays or missed premium payments may result in policy cancellation.
Contact your new servicer after your loan transfer effective date to obtain details and requirements if you wish to change insurance providers.
When your loan transfers, it may take a few weeks for all documents and information to be updated. Please reach out to your current servicer if you receive a notice that your insurance lapsed and your loan is escrowed.
Please call Customer Experience at 1-800-201-7544 or email servicing@fairwaymc.com for more information and instructions.
It is important to contact your current servicer directly if you change your insurance carrier.
A 1098 Mortgage Interest statement is required if an amount of $600.00 or greater is paid toward mortgage interest. Fairway is required to generate and mail these statements no later than January 31st each year on loans that meet this requirement.
As some loans transfer to a new servicer as of the first payment due, Fairway may not generate a 1098 Mortgage Interest statement on every loan we originate.
Please be advised a separate 1098 Mortgage Interest statement will be mailed, if applicable, by each mortgage servicer who serviced your loan during the previous calendar year.
The eligibility and dollar amount of a VA funding fee refund is determined by the VA. Any VA funding fee refunded will be applied toward the unpaid principal balance on your loan. Please contact your VA office for details on this process.
We hope that you are safe and understand this may be a difficult time. Please know we are here to support you in any way that we can.
Fairway has a dedicated toll-free number and a dedicated email center.
Disaster Assistance Hotline: 877-651-2770 - our representatives will answer your call Monday through Friday, 8:30am – 5:00pm Central Time.
Email: disasterhelp@fairwaymc.com
Next steps include reaching out to your homeowners insurance company or your secondary insurance company (this may include policies such as flood and earthquake).
By contacting us at disasterhelp@fairwaymc.com or at the above FIMC Disaster Assistance Hotline, we can assist you with your homeowner’s insurance company contact information and policy information as well as providing assistance if you have difficulty making your mortgage payment.
If the servicing of your mortgage loan has been transferred, we can provide the contact information to reach your current mortgage servicer. The contact information for your new servicer may also be found on www.FairwayNEXT.com.
