San Bernardino 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
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.
An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.
An "assignment" is the document that is the legal record of this transfer from one mortgagee to another. In a typical transaction, when the mortgagee sells the debt to another bank, an assignment is recorded, and the promissory note is endorsed (signed over) to the new bank.
When must a borrower receive notification of a servicing transfer? 15 days prior to the effective date of the transfer.
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.
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.
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.
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.
Your mortgage servicer may transfer the mortgage servicing rights for your loan to another company to service your loan. If your mortgage servicing rights are transferred to a new servicer, you will need to start sending your monthly payments to the new servicer after a certain date.
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.