Pennsylvania Servicing Agreement
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How to fill out Servicing Agreement?
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FAQ
A Successor in Interest is a party, other than the original mortgage borrower, who has an ownership interest in the property that serves as collateral for a mortgage obligation. A Successor in Interest usually occurs when an heir is bequeathed property that is subject to a mortgage.
A Servicing Agreement (or Loan Servicing Agreement) is a document entered into in connection with a facility established for the securitization of various types of assets, most often loans, receivables or leases.
Once a successor in interest effectively returns and confirms the acknowledgement form, then they legally assume a third person's mortgage loan obligation. Servicing companies must clearly explain that a confirmed successor in interest is not liable for the mortgage debt as long as they do not assume the loan.
Mortgage servicing rights (MSR) refer to a contractual agreement in which the right to service an existing mortgage is sold by the original mortgage lender to another party that specializes in the various functions involved with servicing mortgages.
Confirmed successor in interest means a successor in interest once a servicer has confirmed the successor in interest's identity and ownership interest in a property that secures a mortgage loan subject to this subpart.
Successor in interest?A person to whom an ownership interest in a property securing a mortgage loan subject to 12 CFR Part 1024, Subpart C (relating to mortgage servicing) is transferred from a borrower, provided that the transfer is by devise, descent, or operation of law on the death of a joint tenant or tenant by ...
What is a Loan Servicing Agreement? A loan servicing agreement is a legal agreement between a lender and a third party, the servicer, that outlines the terms and conditions for which that third party will provide loan servicing services.
The Successor in Interest rules enables the servicer to deal with widows and divorced parties without violating the FDCPA. It protects surviving spouses who acquire property and prevents foreclosure simply because the servicer of the mortgage cannot communicate with the new owner.