when must loan transfer disclosure be provided
The company that holds your loan have to inform you who your new servicing company will be, where it is located, where you should send your next payment, and when the new servicer will begin accepting payments. Generally, the loan servicer must notify the borrower 15 days before the effective date of the loan transfer. Under the RESPA, as long the borrower makes a timely payment to the old servicer within 60 days of the loan transfer, the borrower cannot be penalized. Related Articles:
Loan Application. When you apply for a mortgage, the lender or the mortgage broker must give you several disclosures, including a good faith estimate, a mortgage servicing disclosure statement, and a consumer information booklet. The good faith estimate spells out the estimated fees you'll need to pay at closing.