Correspondent Lending Interim Servicing Payments – January 17, 2020
Re: Interim Servicing Payments
Date: January 17, 2020
This is a friendly reminder regarding our requirements around interim servicing and the remittance of payments due to AIG (Seller’s Guide, Section 8.2). In the event a borrower’s monthly payment is sent to the seller after the loan has been sold to AIG, and is not due to the seller, the seller must remit payment within two (2) business days via the wire instructions or overnight payment address listed below. The objective here is to not only provide excellent customer service to the borrower but also remain compliant with the CFPB directive for the timely application of payments. Please share this reminder with those in your servicing department. We appreciate your partnership on this matter.
City State: Trenton, NJ
Beneficiary: AIG Branch Payments
Address: 425 Phillips Blvd, Ewing, NJ 08618
OBI Line 1: Branch Payments
OBI Line 2: Borrower/Loan #
Attn: Payment Processing
425 Phillips Blvd., Ewing, NJ 08618
Check must be made payable to Cenlar and
Please reference the Cenlar®(sub‐servicer) Loan Number.
Seller’s Guide – Section 8.2
During the Interim Servicing Period, to the extent the Seller or its Sub-servicer collects and/or receives any funds related to a Mortgage Loan, the Seller or its Sub-servicer shall (i) hold all such funds in trust for the benefit of the Approved Buyer and shall deposit such funds in a FDIC-insured account and (ii) remit any such funds to the Approved Buyer within two Business Days of Seller’s or its Sub-servicer’s receipt. Such remittance shall be accompanied by a report in form and detail reasonably satisfactory to Approved Buyer setting forth the source and application of all amounts received.