Riverside California 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
Under RESPA, your present loan servicer is required to notify you in writing of the assignment, sale, or transfer of servicing rights at least 15 days before the effective date of the transfer. The new servicer or holder of your mortgage must also send you this notice no later than 15 days after the effective date.
When must a borrower receive notification of a servicing transfer? 15 days prior to the effective date of the transfer.
If the right to service your mortgage loan is transferred to a new servicer, you'll generally get two notices: a notice from your current mortgage servicer at least 15 days before the effective transfer date, and. a notice from the new servicer not more than 15 days after the effective date of the transfer.
A notice of servicing transfer means your loan servicer is changing. This kind of transfer happens all the time in the mortgage servicing industry, even during a foreclosure.
You should be notified of the transfer before it happens Your new servicer generally should send a notice to you within 15 days after the servicing rights for your loan are transferred, unless it was combined with the first notice.
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.
Your old and new servicers generally must send you a notice telling you about the transfer of the servicing rights to your loan. Your old servicer generally should send this notice at least 15 days before your loan's servicing rights are actually transferred to the new servicer.
When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. For the borrower, all this means is a new institution will be collecting your payments, handling your escrow accounts, dealing with any insurance or tax matters, and answering your questions.
Your new servicer generally should send a notice to you within 15 days after the servicing rights for your loan are transferred, unless it was combined with the first notice. The notice(s) should tell you: The date on which your old servicer will stop accepting payments.
Besides the Annual Escrow Statement, RESPA requires a Servicing Transfer Statement to be sent to the consumer if the loan servicer sells or assigns the servicing rights to a borrower's loan to another loan servicer. The loan servicer must notify the borrower 15 days before the effective date of the loan transfer.