Virgin Islands Notice of Assignment - Sale or Transfer of Servicing Rights - Mortgage Loans
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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.
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.
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.
Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.
Loan Ownership Transfer Notices If your current lender transfers ownership of your loan to a new owner, the new owner must send you a notice no later than 30 days after the date of the transfer. The notice must include, among other things, the name, address, and telephone number of the new loan owner.
The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person.
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
A transfer of mortgage is the reassignment of an existing mortgage, usually on a home, from the current holder to another person or entity. Not all mortgages can be transferred; if they are, the lender has the right to approve the person assuming the loan.
