FirstBank OnBoarding Manual - Flipbook - Page 82
MORTGAGE SERVICING FAQ
No.
Question / Topic
Answer
Additional Notes
48)
Late Fee Waiver
There is not a late fee waiver. All
inquiries are reviewed on a case-bycase basis.
• SLS offered a one-time, life of loan
late fee waiver, Shellpoint does not.
• Correspondence Type: Request for
Information
• Operational Area: Homeowner
Escalations
• Request Type: Choose One.
• Credit Reporting
• Other
• Payoff Issues
• Priority: Case-by-Case. You decide.
49)
Lien Releases
SMS document administration team
manages all lien releases. If FirstBank
has any questions, inquiries can
be submitted through the Insight’s
Correspondence Tracker.
• Correspondence Type: Loan Level
Review
• Operational Area: Document
Curative
• Request Type: Release Update
• Priority: High
50)
Flood Insurance (Specific Question)
Shellpoint receives daily files from
their flood certificate vendors of all
loans with updated mapping data.
Once they receive the new mapping
data, the flood team updates the
flood certificate screen to match the
flood certificate.
What if the property was in a flood
zone at closing and warranted flood
insurance, and was later mapped
out, and flood insurance is no longer
required?
Proctor (Insurance vendor) receives
a data file of all updates made to all
loans at the end of the day. It can
take 1 to 2 business days to populate
on the file. Once Proctor receives
the updated data, they will reach
out to the flood team and confirm if
the flood zone change is accurate or
not. Once, the changes are QC'd and
confirmed accurate, a letter will be
sent to the borrower.
Proctor handles these letters for
Shellpoint. The letter should go out
to the borrower with 5 to 7 business
days of the change.
If the prior servicer is servicing the
loan and the mapping data changes,
they would be required to notify the
borrower.
81
Onboarding Manual
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