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

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Multi-State
Control #:
US-MR-005-C
Format:
Word; 
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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

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.

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.

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.

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

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 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.

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