CUSTOMER PAYMENTS Extensive guide to helping borrowers make their first payment.
FAQs Internal Use Only
FAQS To whom does my borrower make payments? Where do I go in Encompass to see who is servicing the loan? Stockton isn't servicing my borrower's loan, someone else is. What now? What's in the Goodbye Letter? There is no Goodbye Letter. What does this mean? What's in the Notice of Servicing Transfer Letter?
TO WHOM DOES MY BORROWER MAKE PAYMENTS?
Your borrower has called you and wants to know where they are going to make their payment. Understand that sometimes, the first ever payment a borrower makes MIGHT come to Stockton Mortgage BEFORE they begin making payments to the Investor/Servicer of their home loan.
As the Mortgage Banker of the transaction, you are trying to guide your borrower through answering the following QUESTIONS:
1.) Does Stockton Mortgage collect the FIRST PAYMENT? 2.) Does Stockton Mortgage collect the SUBSEQUENT PAYMENTS also? 3.) If not, where does my borrower make their payments?
WHERE DO I GO IN ENCOMPASS TO SEE WHO IS SERVICING THEIR LOAN?
Take the following steps:
OPEN ENCOMPASS.
CLICK FORMS IN THE BOTTOM LEFT.
SELECT SHOW IN ALPHA ORDER SELECT SHOW ALL CLICK ON THE FORM ENTITLED FIRST PAYMENT SCREEN
Once you are on the First Payment Screen, you can see:
INVESTOR NAME
PAYMENT ADDRESS
NEXT PAYMENT DATE
FIRST PAYMENT TO INVESTOR
UNDERSTANDING THE FIRST PAYMENT SCREEN
Investor Name Stockton Mortgage retains servicing on all loans through ServiceMac IF the Investor's Name is GennieMae (GNMA), FannieMae (FNMA), or FreddieMac (FHMLC). The payment address for Stockton Mortgage via ServiceMac is: PO Box 105178 Atlanta, GA 30348 Otherwise, the Investor Name will be noted on this screen, as well as on the Goodbye Letter.
PRO TIP: INVESTOR NAMES AND SERVICER NAMES AREN’T ALWAYS THE SAME. JUST LIKE STOCKTON MORTGAGE USES SERVICEMAC TO SERVICE OUR LOAN PORTFOLIO, THE SAME IS OFTEN THE CASE FOR OTHER INVESTORS.
Next Payment Date Your borrower’s FIRST payment will be paid to Stockton Mortgage ONLY if the Next Payment Date field and the First Payment to Investor field dates are DIFFERENT.
EXAMPLE 1 In the example below, you can see the Next Payment Date field and the First Payment to Investor field dates are DIFFERENT. You can deduce that the borrower will make their first payment to Stockton Mortgage and subsequent payments to AmWest Funding Corp.
DIFFERENT!
EXAMPLE 2 In the example below, you can see that GinnieMae (GNMA) is the Investor. You can deduce the borrower will make their payments to Service Mac because Stockton Mortgage retains servicing on GNMA loans. You may also note that the Next Payment Date and the First Payment to Investor fields are the SAME, and that this borrower has a ServiceMac Loan Number present.
SERVICEMAC LOAN NUMBER
SAME!
EXAMPLE 3 In the example below, you can see that Angel Oak Mortgage Solutions is the Investor, and the Next Payment Date and First Payment to Investor fields contain the SAME date. You can deduce that Angel Oak will oversee servicing this loan and Stockton Mortgage will NOT collect a first mortgage payment from this borrower.
SAME!
STOCKTON MORTGAGE ISN’T SERVICING MY BORROWER’S LOAN, SOMEONE ELSE IS.
What now? You can provide your borrower with more information about payments by checking out the Goodbye Letter in Encompass. Every borrower whose loan is sold to a new Investor will have a Goodbye Letter mailed to them and available for your review in the eFolder.
What’s in the Goodbye Letter? The Goodbye Letter tells your borrower the following: ·The Date their loan is being transferred ·A reminder that nothing about their mortgage loan will change ·IF Stockton Mortgage is collecting the first OR subsequent payments ·IF and WHEN a Different Investor / Servicer will start collecting payments ·Temporary Payment Coupon
EXAMPLE In this example, Aaron’s loan was sold to Angel Oak (see also First Payment Screen Example 3), which is Serviced by: Select Portfolio Servicing, Inc.
The due dates in the letter indicate that Stockton Mortgage will stop accepting payments on the SAME date that Select Portfolio Servicing begins collecting payments – meaning Stockton Mortgage/ServiceMac does not collect any payments on Aaron’s loan. Aaron should send his payment to Select Portfolio Servicing at PO Box 65450 Salt Lake City, UT 34165-0450.
THERE IS NO GOODBYE LETTER! WHAT DOES THIS MEAN?
Don’t panic. If your borrower doesn’t have a Goodbye Letter in the eFolder, it could be that the loan has not sold yet. A Goodbye Letter will not generate until the loan actually sells. If this is the case, the First Payment Screen will have the New Investor but the payment due date fields will be empty.
EXAMPLE In this example, the party responsible for collecting Orville’s first loan payment hasn’t been determined because the loan hasn’t sold yet. We should instruct the borrowers to wait until they receive the Goodbye Letter before sending a payment.
MISSING!
THERE IS NO GOODBYE LETTER! WHAT DOES THIS MEAN?
In some instances, if a borrower does not have a Goodbye Letter, they will instead have a Notice of Transfer Letter in their eFolder. Looking at the Notice of Transfer Letter, you can discern where your borrower should make their payments.
EXAMPLE In this example, Orville’s loan was retained by Stockton Mortgage / ServiceMac for servicing, so you would direct Orville to make payments through ServiceMac.
Similar to the Goodbye Letter, the Notice of Servicing Transfer Letter tells your borrower the following: ·The Date their loan is being transferred ·A reminder that nothing about their mortgage loan will change ·Stockton Mortgage/ServiceMac is collecting the first AND subsequent payments ·IF and WHEN the borrower should send ·Temporary Payment Coupon
SERVICER AT A GLANCE
Loan Number / CX.DMI.LOANNUMBEBR PRO TIP: BY ADDING THE FIELD CX.DMI.LOANNUMBER TO YOUR ENCOMPASS VIEW, YOU CAN DISCERN WHETHER OR NOT A LOAN IS BEING SERVICED BY STOCKTON MORTGAGE AT A GLANCE. IF THERE IS A NUMBER PRESENT IN THE CX.DMI.LOANNUMBER FIELD, THAT MEANS STOCKTON MORTGAGE IS SERVICING THE LOAN.