Notice Of Transfer Of Mortgage Loan Ownership With Mortgage Company
Description
How to fill out Notice Of Assignment - Sale Or Transfer Of Servicing Rights - Mortgage Loans?
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FAQ
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
When a loan servicer sells or assigns loan servicing rights to another loan servicer, the borrower must be sent a servicing transfer statement at least 15 days before the effective date of the servicing transfer.
Your mortgage servicer may transfer the mortgage servicing rights for your loan to another company to service your loan. If your mortgage servicing rights are transferred to a new servicer, you will need to start sending your monthly payments to the new servicer after a certain date.
Not all mortgages are eligible for transfer. If it is, the mortgage is said to be "assumable." In order to transfer a mortgage, the mortgage lender will need to verify that the person or entity that will assume the loan has adequate income and credit history to be able to make payments in a timely manner.
Notice of Transfer of Mortgage Loan Ownership If the holder of your mortgage loan sells the debt to a different entity, federal law requires the new owner or assignee to notify you about the change of ownership no later than 30 days after the sale, transfer, or assignment.