Rights Mortgage Purchase With Paypal

• Category: Loans and Lending - Real Estate
• State: Multi-State
• Control #: US-37006-C
• Format: Word; Rich Text

Description

The Notice of Assignment, Sale, or Transfer of Servicing Rights, Mortgage Loans form is an important document for borrowers that informs them about the transfer of their mortgage loan servicing rights, including the rights associated with purchasing a mortgage through platforms like PayPal. This form details the current and new servicer of the mortgage, ensuring that borrowers are aware of where to send their payments and whom to contact for inquiries. It outlines that the transfer does not change any terms of the mortgage except those related to servicing. This notice must be sent by the lender and new servicer within specific time frames to comply with legal requirements. The form also highlights borrowers' rights under the Real Estate Settlement Procedure Act (RESPA), emphasizing that late fees cannot be imposed for payments made during a 60-day transition period. Key features of the form include sections for borrower signatures to acknowledge receipt and clear instructions for contacting both the lender and new servicer. Target users, such as attorneys, partners, owners, associates, paralegals, and legal assistants, will find this form helpful for ensuring compliance with mortgage servicing regulations and supporting clients in understanding their rights during the transfer process.