Is an escrow account required on my mortgage loan?
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.
Can I delete my escrow account from my mortgage loan?
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.
My mortgage loan is escrowed, and I received a notice my taxes were not paid? What do I do?
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 email@example.com or call 1-800-201-7544. If your servicing has transferred, please contact your new servicer.
My Loan is transferring, do I notify my insurance company?
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 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.
I wish to change insurance providers, what is the process?
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.
I received a notice my homeowners insurance lapsed. What do I do?
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.
I received a check from my insurance company that also has
Fairway’s name on it. What are the next steps?
Please call Customer Experience at 1-800-201-7544 or email firstname.lastname@example.org for more information and instructions.
I obtained a new Homeowners Insurance policy after I closed on my loan. What are the next steps?
It is important to contact your current servicer directly if you change your insurance carrier.
When will I receive my 1098 Year End Interest statement?
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.
I am expecting a refund regarding the VA Funding Fee on my loan. What is the process?
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.
My home has been damaged by a natural disaster. What do I do?
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: email@example.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 firstname.lastname@example.org 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.
How to reach corporate dept (servicing, complaints, disaster relif, etc): https://www.fairwayindependentmc.com/contact-us
Fairway Loan officer or location search: https://www.fairwayindependentmc.com/locations