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List at least 2 things you would be sure to tell a borrower in preparation for closing. There is no right or wrong answer, but the date/time/location of closing is important. The borrower should also be clear on the amount of money he/she needs to bring to the closing table.
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 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 loan secured by the borrower's vacation home is not a ?mortgage loan? for these purposes. Pursuant to Section 131(g), the new owner or assignee of a mortgage loan must notify the borrower in writing within 30 days after his mortgage loan is sold or otherwise transferred.
The ?Pooling and Servicing Agreement? is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
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.
The servicing of your mortgage loan is being transferred, effective [Date]. This means that after this date, a new servicer will be collecting your mortgage loan payments from you. Nothing else about your mortgage loan will change. [Name of present servicer] is now collecting your payments.
A credit agreement is a legally binding contract documenting the terms of a loan, made between a borrower and a lender. A credit agreement is used with many types of credit, including home mortgages, credit cards, and auto loans. Credit agreements can sometimes be renegotiated under certain circumstances.