Notice of Assignment, Sale, or Transfer of Servicing Rights, Mortgage Loans
Description Rights Mortgage
How to fill out Notice Sale Loans?
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Notice Assignment Statement Form popularity
Notice Assignment File Other Form Names
Transfer Servicing Mortgage Form FAQ
When you have a mortgage transferred to Fannie Mae, your loan servicer doesn't change right away. Fannie Mae is among the largest purchasers of mortgages operating in what's known as the secondary housing market.
Freddie Mac only buys mortgages that meet its underwriting criteria, meaning that it considers you a good credit risk and your home a worthy investment. Freddie Mac and Fannie Mae sell securities -- bonds, essentially -- backed by the cash flows from millions of homeowners' mortgage payments.
When must a borrower receive notice of whether loan servicing can be assigned, sold, or transferred? Either at the time of application or within three business days of application.
When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. For the borrower, all this means is a new institution will be collecting your payments, handling your escrow accounts, dealing with any insurance or tax matters, and answering your questions.