Alaska Notice of Assignment - Sale or Transfer of Servicing Rights - Mortgage Loans
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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.
Under the Real Estate Settlement Procedures Act (RESPA), if your lender transfers your loan to a new servicer, your current servicer and the new servicer have to send you a letter. These letters are usually called "goodbye" and "hello" letters in the mortgage business.
Federal law protects borrowers when loans are bought and sold by requiring that both the old and new lenders notify you in writing within 15 days of a sale that a transfer has taken place. The letters should provide the name of the new lender, how and where payments can be made, and when your next payment is due.
Mortgage servicing rights are sold by the originator of a mortgage to another financial institution, which then takes over the administration of the mortgage, which includes such tasks as collecting payments and forwarding them to the originator. The original lender pays the servicer a fee for performing this work.
Loan Transfer Grace Period Protection Under federal law, you have a 60-day grace period, starting on the servicing transfer date, during which you will not be charged a late payment fee if you send your mortgage payment by mistake to your previous lender.
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.
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.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.