FirstBank OnBoarding Manual - Flipbook - Page 88
MORTGAGE SERVICING FAQ
No.
Question / Topic
60)
Partial Release Form
A partial release is a mortgage
provision that allows some of the
collateral to be released from a
mortgage after the borrower pays
a certain amount of the loan. Lenders
require proof of payment, a survey
map, appraisal, and a letter outlining
the reason for the partial release.
Refer to: PLR Form (PDF)
61)
FNMA Invoicing (BPOs) – MI
Termination Recovery
Shellpoint process
They receive notification from Fannie
Mae on the 2nd business day of each
month indicating which loans will be
drafted for BPO Fees.
Shellpoint takes that list and ensure
we have funds in house for each loan.
Once confirmed, those funds are
moved into our clearing account from
which Fannie Mae drafts on the 16th
business day.
Attachment represents the 2024-2026
Autodraft MI Terminations timelines.
Refer to: 2024-2026
Timelines Autodraft (PDF)
87
Answer
62)
3rd Party Buyout Wiring
Instructions/Modification.
Refer to: Citi51001599
Wire Instructions
63)
Bankruptcy Contact
mtgbk@newrez.com
64)
Initial Documents
(Missing Documents Report)
Onboarding Manual
Additional Notes
Email:
partialrelease@shellpointmtg.com
Regular Mail: Shellpoint Mortgage
Servicing
ATTN: Doc Curative –
Land Transaction
75 Beattie Place, Suite 700
Greenville, SC 29601
Effective 08/08. An automation was
set up to run 7 days a week from
8am – 6pm central, every two hours.
Confidential. Property of FirstBank. Not for Distribution.
