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CORPORATE & INSTITUTIONAL FAQSReserve ProcessingWhere can I get a transaction history of my reserve? What is the status of my reserve request? Have you received my reserve request? How long will it take to get my reserve request funding? What is your contact information? Where do I get the correct forms to submit a request? What potential items could delay the processing of my funds? Do I need a cover letter with my request? If I send my request via email or fax, do I need to send a hard copy via regular or overnight mail? Reserve balances may be obtained 24/7 via our online service, WIRES. To sign up for WIRES, go to www.wachovia.com/wires. You may also obtain this information by contacting our Customer Service Group at (800) 326-1334 from 8:30am to 5:30pm ET Monday through Friday. You may obtain a copy of your reserve history by contacting our Customer Service Group at (800) 326-1334 from 8:30am to 5:30pm ET Monday through Friday. Please keep in mind that the normal turnaround time for a reserve request is 10 business days from the receipt of a complete request package. Any missing information will delay the funding of your request. To verify if we have received a copy of your reserve request, please contact our Customer Service Group at (800) 326-1334 from 8:30am to 5:30pm ET Monday through Friday. What are the repair items that I am required to complete for my deferred maintenance/immediate repair reserve?
The items required for repair are contained within the Property Condition Report generated at the time of the loan closing. Your closing attorney should have a copy of this report. You can also find this information in your reserve agreement or as an exhibit to your Loan Agreement/Mortgage Deed of Trust. I have received a notice from Wachovia regarding my immediate repairs (deferred maintenance)/remediation. If repairs have not been completed, what do I need to do?
Please submit a breakdown of the repairs to your reserve analyst at commercial.reserves@wachovia.com. If at this point you need to request an extension of your deadline, please do so in writing (along with the breakdown of repairs) for a period of not more than 90 days. Any request in excess of 90 days will need to be reviewed and approved by your Portfolio Manager. Please remember to indicate your loan number and borrowing entity name on all correspondence to Wachovia. Funds are typically released within 10 business days following the receipt of a complete request package. If you would like funds to be wired, please submit your wiring instructions on a cover sheet with your reserve request. If you would like your funds to be overnighted, please provide UPS or FedEx account information on a cover sheet with your reserve request. Our preferred method of receiving requests is via email at commercial.reserves@wachovia.com. Please provide your loan number and borrowing entity name on the subject line of the email. Other methods of submitting requests are:
You may obtain a copy of our reserve instructions and forms online at www.wachovia.com/corp_inst/page/0,,7_21_782_784_2192,00.html. Potential items that could delay the processing of your funds are:
We would prefer a cover letter be submitted with each request in case we have questions regarding your request. Without proper contact information, your request could be delayed. You do not need to send a hard copy of your request if sent via email or fax.
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