FirstBank OnBoarding Manual - Flipbook - Page 70
MORTGAGE SERVICING FAQ
No.
Question / Topic
13)
Answer
User to access the link (above) and
follow the prompts on the website.
...Continued
This link is a direct link to Proctor’s
platform that in turn feeds back to
Servicing Director nightly. This is the
most efficient way for borrowers to
manage their claims year-round.
14)
Loan Recasting Inquiries
Customers should be directed to
contact our Customer Service call
center at 1-855-354-3471 to request
the recast. The Shellpoint agent will
pre-qualify them for recast eligibility,
collect the curtailment and recast fee
upon initial request.
Additional Notes
What procedures are followed to
give proper notice of delinquency to
mortgage guarantors?
Proctor will make 3 attempts to
contact the insurance carrier to get
the updated insurance information.
These attempts can be phone calls,
faxes, searching the carrier’s site
and if needed we have a letter that
goes out to the borrower. If these
attempts are unsuccessful, the LPI
cycle will start, and those letters will
be a continued communication to the
homeowner of the past due insurance
information.
FYI - FirstBank and FirstBank
Mortgage employees to no longer
provide Recast Authorization Letters
to borrowers.
Once this is completed, a modification
agreement will be generated and
delivered to the customer for
execution. This agreement is expected
to be delivered electronically and
only requires electronic signatures.
Once the customer executes the
modification agreement, the initial
prerequisites will be met, and the
servicing system will be updated with
the new P&I payment.
Additional Information for Internal
use only:
• FirstBank requires a minimum of
$10,000 towards the principal.
• We allow one recast every
12 months.
• Recast will lower the monthly
payment. If the borrower wants
to change the loan terms or
convert to an ARM or to a fixed
rate, they must refinance.
• Senior Lien (first mortgage)
• Conventional fixed-rate loans
may qualify.
69
Onboarding Manual
Confidential. Property of FirstBank. Not for Distribution.
