Colorado Notice of Assignment - Sale or Transfer of Servicing Rights - Mortgage Loans

State:
Multi-State
Control #:
US-MR-005-C
Format:
Word; 
Rich Text
Instant download

Description

The borrower is notified that the servicing of his/her mortgage loan, is being assigned, sold, or transferred to another servicer. The assignment, sale, or transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgage instruments, other than terms directly related to the servicing of the loan. The notice also includes the name, the business address, and the toll free number of the new servicer.
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FAQ

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.

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person.

A transfer of mortgage is the reassignment of an existing mortgage, usually on a home, from the current holder to another person or entity. Not all mortgages can be transferred; if they are, the lender has the right to approve the person assuming the loan.

Which of the following would not need to be included in the notice of servicing transfer? borrower's payment amount.

Loan Ownership Transfer Notices If your current lender transfers ownership of your loan to a new owner, the new owner must send you a notice no later than 30 days after the date of the transfer. The notice must include, among other things, the name, address, and telephone number of the new loan owner.

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.

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.

Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.

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Colorado Notice of Assignment - Sale or Transfer of Servicing Rights - Mortgage Loans