Mortgage Servicing Transfer Rules
Description
How to fill out Notice Of Assignment, Sale, Or Transfer Of Servicing Rights, Mortgage Loans?
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FAQ
The only thing that changes with the transfer of servicing rights for your mortgage is who you make your payment to. You'll receive communication from your current servicer with additional information, including contact information for your new servicer.
You can transfer a mortgage to another person if the terms of your mortgage say that it is ?assumable.? If you have an assumable mortgage, the new borrower can pay a flat fee to take over the existing mortgage and become responsible for payment. But they'll still typically need to qualify for the loan with your lender.
As a borrower, all a servicing transfer means is that you'll send your payments to a different company. That company will now also handle your escrow account, answer questions about your loan, and manage the foreclosure process if you default on the payments.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer. That means you can't be charged a late fee if you send your on-time mortgage payment to the old servicer by mistake ? and your new servicer can't report that payment as late to a credit bureau.
Transfer of mortgage is a transaction where either the borrower or lender assigns an existing mortgage (a loan to purchase a property?usually a residential one?using the property as collateral) from the current holder to another person or entity.