Servicing Transfer Requirements
Description
How to fill out Notice Of Assignment - Sale Or Transfer Of Servicing Rights - Mortgage Loans?
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FAQ
The transferor and transferee servicers may provide a single notice, in which case the notice shall be provided not less than 15 days before the effective date of the transfer of the servicing of the mortgage loan.
A mortgage servicing disclosure provides information from the lender about whether or not the servicing of the loan may be transferred, sold, or assigned to some other person or entity during the life of the loan.
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.
This statement tells you about those rights. It also tells you what the chances are that the servicing for this may be transferred to a different loan servicer. "Servicing" refers to collecting your principal, interest and escrow account payments, if any.
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.