Montana 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
A servicer shall retain records that document actions taken with respect to a borrower's mortgage loan account until one year after the date a mortgage loan is discharged or servicing of a mortgage loan is transferred by the servicer to a transferee servicer.
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.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.
First, expect to receive a Transfer Notice, also referred to as a ?goodbye letter? from the mortgage company who is transferring the servicing of your mortgage. This letter will notify you of the transfer date, as well as the name of your new mortgage servicer and contact information.
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.
In most cases, the old servicer must provide you with a notice of servicing transfer (a goodbye letter) not less than 15 days before the effective date of the transfer. Your new servicer must provide a servicing transfer notice (a hello letter) not more than 15 days after the transfer date.
The term "effective date of transfer" means the date on which the mortgage payment of a borrower is first due to the transferee servicer of a mortgage loan pursuant to the assignment, sale, or 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.