Introduction to Mortgage Servicing Examination Training eBook

Internal Use Only

Review

Date of Transfer Timing of Notice

Payments during transfer In transit loss mitigation

Timing of letter Content of letter

Internal Use Only

Quality Control / Data Integrity Verify loan boarding information is accurate in accordance with loan Review QC over loan boarding

Contents of Letter Timing of Letters

Workouts

Payments

• Date of Transfer • Name, address & toll-free number for inquiries Date transferor will cease to accept payments & transferee will begin If transfer affects availability of optional insurance(s) Statement that transfer does not affect terms/condition of mortgage loan

Transferor notice to be sent not less than 15 days before date of transfer Transferee notice sent not more than 15 days after date of transfer Combined notice sent not less than 15 days before date of transfer

Pending workouts at time of transfer must be reviewed

Payments made to transferor should not incur late fees (60 days) Payments should be sent promptly to Transferee

Verify terms of note are accurate within system