Pennsylvania 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
As a borrower, all a servicing transfer means is that you'll send your payments to a different company. That company will now also handle your escrow account, answer questions about your loan, and manage the foreclosure process if you default on the payments.
A goodbye letter is a formal document you write intending to thank your boss for the time, knowledge and experiences they have shared with you throughout your employment. Goodbye letters are not the same thing as resignation letters.
Most loans today have escrow accounts to hold funds for the payment of costs such as property taxes and property insurance. In a transfer situation, the original servicer will transfer the escrow funds to the 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 most common example of an Assignment of Mortgage is when a mortgage lender transfers/sells the mortgage to another lender. This can be done more than once until the balance is paid. The lender does not have to inform the borrower that the mortgage is being assigned to another party.
A payoff statement for a mortgage, sometimes referred to as a payoff letter, is a document that details the exact amount of money needed to fully pay off your mortgage loan. The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge.
Getting Notice of a Servicing 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.
An assignment of mortgage is a legal term that refers to the transfer of the security instrument that underlies your mortgage loan ? aka your home. When a lender sells the mortgage on, an investor effectively buys the note, and the mortgage is assigned to them at this time.