sale of my loan files

Guest 0.10 Dollars($)

Hi,

What I should do against the transfer and sale of my loan files as just recently the servicing of our mortgage loan was sold by our lender to another institution.

Guest 0.10 Dollars($)

Hi Shirley,

The practice of selling or transferring the servicing of your loan is very common in the mortgage industry and your mortgage servicing can be transferred more than once during the life of your loan.

Jessica · Posted: Fri Feb 03, 2006 2:21 pm Post subject:

Hi Shirley and Letizia,

Letizia what you mentioned is very correct but in addition to it though the company does not have to ask Shirley for her permission to transfer the servicing, she is entitled to advance, written notice of the transfer from both her current lender and the new servicer.

A "goodbye" letter informing her of the servicing transfer must be received 15 days before the date the successor firm is scheduled to take over. The letter should state the name of her new servicing company, its address, a contact person or department and payment instructions.

Similarly, no later than 15 days after the transfer occurs, Shirley should receive a welcome letter from the new servicer, basically outlining the procedures for the new relationship.

During the 60 days after the loan servicing account has been transferred, late fees for mortgage payments sent on time to the old servicer rather than to the new firm cannot be assessed against your account. It is considered an innocent mistake and you are not adversely penalized.

Do let us know if you have any more doubts.

Regards,
Jessica.

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