4103098_FairwayNEXT_Logo_Horizontal_Color_Transparent

Servicing Made easy with Fairway!

FairwayNEXT provides a convenient way to obtain valuable information about your mortgage loan such as details about your first payment, your current or new servicer, and you can make a one-time ACH payment!

Who Are We?

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.

floating-house-iso

What is a Servicing Transfer?

Transfers of servicing are common with mortgage loans.

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.

Please know that 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.

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 Concierge Department at 1-800-201-7544, Monday – Friday from 8:30am to 5:00pm Central Time. We will be happy to send a copy of your transfer notice.

Please view the video below for more information about your Notice of Servicing Transfer:

Notice of Transfer - Loan Transferred

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 are referred to as an “investor” or a “government sponsored entity”- “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.

green-envelope-transfer-notice

Look for the Green Envelope!

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!

Core_Values-Horizontal-35f78e2e

What can I expect after my loan closes?

We strongly believe the way we do things is just as important as what we do. Every team member is guided by our Core Values which define how we work, how we interact with each other, and guide us in determining how we best serve our customers, team members and local communities.

Around the 20th business day after your loan funds, Fairway’s Concierge team will attempt to make a Welcome Call to you. During the Welcome Call, one of our Concierge team members will discuss the following information with you:

  • Verify your contact information, including mailing address, email address, and phone numbers.
  • Provide information on your first payment due.
  • Offer details regarding your new mortgage servicer.

The Notice of Servicing Transfer letter relating to your new Servicer is mailed to you in a Fairway green envelope. The notice is sent prior to the servicing transfer date for your mortgage loan. If you do not receive this information, please feel free to email us at servicing@fairwaymc.com, or call our Concierge Department at 1-800-201-7544, Monday – Friday from 8:30am to 5:00pm Central Time. We will be happy to send a copy of your transfer information.

Who is my new servicer?


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:

ServiceMac

Performs servicing activities on behalf of Fairway Independent Mortgage Corporation. ServiceMac is an innovative and customer-focused servicing provider.

Dovenmuehle(DMI)

Dovenmuehle Mortgage, Inc. is the oldest mortgage banking company in the Midwest and one of the oldest mortgage companies in the United States, founded in 1844.

LoanCare

LoanCare provides full residential mortgage servicing using advanced technology while delivering personalized service since 1991.

RoundPoint Mortgage

RoundPoint Mortgage was founded in 2007 and is dedicated to creating the simplest, fastest, efficient and most satisfying experience for borrowers.

PNC

PNC works to provide a great customer experience with secure and convenient access to online information and customer care.

NewRez

NewRez is a national mortgage servicer founded in 2008 and committed to a strong standard of excellence in customer service.

Can the servicing of my loan be switched to a Servicer other than the one it has been transferred to?

Fairway is unable to change whom your loan is sold to and who services it. After the servicing of your mortgage loan transfers, 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 able to be an advocate for you. Even if your servicing transfers, your relationship is important to each of us at Fairway.


If you have questions, you can reach us by email at servicing@fairwaymc.com.

Where do I make my first payment?

The number one question!


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 by 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 Bi-Weekly 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!

Please view the video below for more information about making your first payment:

First Payment - Fairway Serviced

Payment by Mail:

Fairway Independent Mortgage Corporation
P.O Box 117298
Carrollton, TX 75011

Payment by Phone:

Please call our Concierge Department at
1-800-201-7544
Monday – Friday
8:30am – 5:00pm Central Time.

What is Private Mortgage Insurance (PMI)? Can I remove PMI from my monthly payment?

home-insurance

Private Mortgage Insurance (PMI) is required on Conventional mortgage loans that originate with a Loan to Value (LTV) ratio of 80% and greater. 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.

For more information please contact our servicing department at servicing@fairwaymc.com

PMI Removal

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.

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.

What is a Recast?

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.

  • Written request for a recast is required
  • A minimum amount of $10,000.00 is required to be paid toward the outstanding principal balance
  • A recast fee will be assessed, and this varies by Servicer
  • Loans cannot have had any prior modifications
  • Loans cannot be delinquent on monthly payments
  • Loans cannot be in an active Bankruptcy status
  • Interest-Only loan types are not eligible
  • Adjustable Rate Mortgage (ARM) loans must be reviewed for a Recast no later than six-months before the first scheduled interest rate change

Please view this helpful video for more information about a recast: Click here.

Recast

Note: Some Investor and loan guidelines may require up to the first three monthly payments to be made before becoming eligible for the recast process. Listed above are general guidelines, and specific requirements may vary depending upon the servicer and/or Investor of your mortgage loan. For more information, feel free to contact us at servicing@Fairwaymc.com.

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.


When I complete my recast, will the Private Mortgage Insurance (PMI) be removed from my loan?

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. The appraised value from the appraisal used at the origination of the loan is good for 180 days from the appraisal completion date for purposes of removing PMI after a recast. After this timeframe, investor guidelines may require a new appraisal or valuation to ensure property value has not declined since the beginning of the loan.

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.

What is an Escrow Account

The escrow account is the portion of your monthly mortgage payment set aside to pay:

  • Taxes
  • Homeowner's Insurance
  • Mortgage Insurance
  • And other escrowed items as applicable

The monthly escrow payment amount equals 1/12 of the total of your taxes, homeowner’s 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.

What is Escrow

Is an Escrow Account required on my loan?

Escrow accounts are required the life of the loan for FHA and VA loans. Conventional loan types may qualify for escrow deletion if specific Investor requirements are met.

Can I delete my Escrow Account from my loan?

In some instances, escrow accounts may be removed from the mortgage loan. These have to be reviewed on a case-by-case basis, and a written request signed by every customer on the loan is required. For more information, please email us at servicing@fairwaymc.com or call 1-800-201-7544.

My loan is escrowed, and I received a notice my taxes were not paid?

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 have questions 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.

My loan is escrowed, and I received a notice my Homeowner’s Insurance lapsed?

When your loan transfers to our Servicing center, it may take a few weeks for all documents and information to be updated. Please reach out to us if you receive a notice that your insurance lapsed and your loan is escrowed. Our email address is servicing@fairwaymc.com. We are more than happy to help you!

I received a refund check in the mail, what is it for?

To verify if the funds need to be placed back into your escrow or are yours to keep, please email servicing@fairwaymc.com

I received a check from my insurance company that also has Fairway’s name on it. What are the next steps?

Please call our Concierge Department at 1-800-201-7544 or email servicing@fairwaymc.com for more information and instructions.

I obtained a new Homeowners Insurance policy after I closed on my loan. What are the next steps?

A copy of the new Homeowner’s Insurance Declaration page needs to be sent to the servicer of your loan. You can also reach out to Fairway at servicing@fairwaymc.com. We will gladly forward the updated insurance to your servicer.

When will I receive my 1098 Year End Interest statement?

A 1098 Mortgage Interest statement is required if an amount of $600.00 or more is paid toward mortgage interest. Fairway is required to have these statements generated and mailed 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 will 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.

For more information, please email us at servicing@fairwaymc.com or call 1-800-201-7544.

I am expecting a refund regarding the VA Funding Fee on my loan. What is the process?

Any dollar amount received from a refund of the VA Funding Fee will be applied toward the unpaid principal balance on your loan.

My mortgage payment was drafted more than once from my bank account, and I have been assessed fees.

Please contact us at servicing@fairwaymc.com, we are more than happy to help you. If your loan has transferred to another servicer we will escalate your concern with them on your behalf.

My home has been damaged by a natural disaster. What do I do?

We hope that you are safe and we understand this may be a difficult time. We want you to 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 thru Friday, 8:30am – 5:00pm CST.
  • Email: disasterhelp@fairwaymc.com

If your property has been damaged by Natural Disaster...

Next steps include reaching out to your Homeowner’s 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.

If you are preparing for a Natural Disaster…

FEMA has provided a few websites which will assist in preparation for various types of disasters: www.ready.gov

FEMA

Red Cross

  • To apply for Red Cross disaster assistance: www.redcross.org
    • Or call 1-800-RED-CROSS