AFTER THE LOAN IS CLOSED OR PURCHASED, the Setup process starts when FCI receives this Form and all requested and needed information, (contact Setup for Bulk Transfers). NOTHING CAN BE DONE UNTIL THIS IS RECEIVED BY SETUP.
At the top of the Form "PROGRAM SELECTION," mark your selected starting program (Performing or Non-Performing) and also mark your selected "change status" Program.
Completely fill out, print and then submit this Form for each Investor/Lender on the Loan along with the following:
Loan Servicing Checklist (Transmittal Form #1)
Copy of the Note
Copy of the Deed/Mortgage
Borrower ACH Form #6 (Signed at closing)
Foreclosure Prevention Alternatives Form #11 (required Federal Form)
Optional Insurance Services Form #12, only if requesting such service for all Loans
Odd Day's Interest check and/or Prepayment check (if any) made out to FCI
Copy of RESPA-NOTICE OF SERVICING TRANSFER-Goodbye Letter
Copy of all past and present Assignments
Loan Modifications (if any)
Payment History (required)
Please understand that this is a highly Regulated process, and LOANS CAN ONLY BE BOARDED WITH A COMPLETE SETUP PACKAGE. We have no choice but to REJECT Incomplete Setup Packages. If this happens, simply resubmit the COMPLETE SETUP PACKAGE when you have the missing needed information.
If you overnight the package, include a check for the one time Loan Setup Fee per the SETUP FEE schedule box on this Form 2. If you email or fax the package, we will call for the Loan Setup Fee on a charge card. Contact us for Bulk Transfer instructions. If there is a change of ownership (Lender) regarding this loan, then see Transmittal Form #4. If the Loan does not have "Send Payments to FCI" in the documents, then do Transfer of Servicing Form 3 to take out the existing Servicer and put in FCI.
NOTE: For a Transfer of Servicing, after your Setup Contact receives the Setup Form (Transmittal Form 2) along with the requested items, there will be a minimum 15 day interim (wait) period once the Goodbye Letter has been approved. There is no activity and there is no new information your Setup Contact can give you during this time. The Lender will receive a Boarding Notice Email when the loan is boarded.