03 Apr What You Need To Know About Your New Mortgage Servicer
When your mortgage holder transfers servicing of your loan to a new company, you are entitled to receive a notice from both the old servicer and the new servicer within 15 days of the transfer. The notice must tell you:
1. The effective date of the transfer, the date your current servicer will stop accepting payments and the date the new servicer will begin accepting them.
2. The name, address, and toll-free or collect call telephone number for the new servicer.
3. Information that tells whether you can continue any optional insurance, such as mortgage life or disability insurance, and what action, if any, you must take to maintain coverage.
4. A statement that the transfer of servicing does not affect any term or condition of your mortgage documents other than the terms directly related to the servicing of the loan.
You can find answers to more mortgage related questions at the US Department of Housing and Urban Development website on Housing.
Andy Miofsky, Esq.
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