Notice of Assignment, Sale, or Transfer of Servicing Rights

Notice of Assignment, Sale, or Transfer of

Servicing Rights, Mortgage Loans

 

Borrower ____________________       Borrower ___________________

Borrower ____________________       Borrower ___________________

Bank Name ___________________      Closing Date _________________

You are hereby notified that the servicing of your mortgage loan, that is, the right to collect payments from you, is being assigned, sold, or transferred from ________________________________________  to ___________________________________, effective _____________, 20 __.

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 your loan.

Except in limited circumstances, the law requires that your lender send you this notice at least 15 days before the effective date of transfer, or at closing. Your new servicer must also send you this notice no later than 15 days after this effective date or at closing. In this case, all necessary information is combined in one notice.

Your lender is: ________________________.

If you have any questions relating to the transfer of servicing from your lender call ________________________ between _____ a.m. and _____ p.m., Monday through Friday. This is a

(__) Toll Free number

(__) Collect number

Your new servicer and its business address are:

_________________________________

 _________________________________

_________________________________

The toll free number of your servicer is 1-800-________________ .

If you have any questions relating to the transfer of servicing to your new servicer call:

Department: Customer Service

Phone: ______________________________

Between _____ A.M. and _______ P.M. Monday through Friday.

The date that your new servicer will start accepting payments from you is: ____________________.

Send all payments due on or after that date to your new servicer.

You should also be aware of the following information, which is set out in more detail in Section 6 of the Real

 

Estate Settlement Procedure Act (RESPA) (12 U.S.C. 2605):

During the 60-day period following the effective date of the transfer of the loan servicing, a loan payment received by your old servicer before its due date may not be treated by the new servicer as late, and a late fee may not be imposed on you.

Section 6 of RESPA (12 U.S.C. 2605) gives you certain consumer rights. If you send a “qualified written request” to your loan servicer concerning the servicing of your loan, your servicer must provide you with a written acknowledgment within 20 Business days of receipt of your request. A “qualified written request” is a written correspondence, other than a notice on a payment coupon or other payment medium supplied by the servicer, which includes you name and account number, and the reasons for request. If you want to send a “qualified written request” regarding the servicing of your loan, it must be sent to this address:________________________________________ Not later than 60 Business days after receiving your request, your servicer must make any appropriate corrections to your account, or must provide you with a written clarification regarding any dispute. During this 60-Business day period, your servicer may not provide information to a consumer reporting agency concerning overdue payment related to such period or qualified written request. However, this does not prevent the servicer from Initiating foreclosure if proper grounds exist under the mortgage documents.

A Business day is any day in which the office of the business entity are open to the public for carrying on substantially all of its business functions.

Section 6 of RESPA also provides for damages and costs for individuals or classes of individuals in circumstances where servicers are shown to have violated the requirements of that Section. You should seek legal advice if you believe your rights have been violated.

I/we acknowledge receipt of a copy of this notice.

________________________                     _________________________

Borrower Signature  Date                                     Borrower Signature Date

________________________                     _________________________

Borrower Signature  Date                                     Borrower Signature Date

________________________                     _________________________

Borrower Signature  Date                                     Borrower Signature Date

State Specific Real Estate Forms

–For State Specific Real Estate Forms you can download in Word format, go to http://www.uslegalforms.com/realestate/


Inside Notice of Assignment, Sale, or Transfer of Servicing Rights