Quick Question About Servicing Transfer Please!

nowimlate

LoanSafe Member
Jan 20, 2010
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BoA transferred our loan to Nationstar on 7/16/2013. The only notification we received was from Nationstar on 7/9/2013.
I seem to remember reading somewhere that we were supposed to be notified 30 days prior and some follow up regulations but I can' seem to remember the specifics.
I'm writing a complaint to the banking commission and would like to include this information if anyone could offer some clarity on the regulations?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
www.LoanSafe.org
Hello NowimLate,

Your new servicer is requires to send you written notice within 15 days after the scheduled date of the transfer.

From the CFPB:

Transfer of Servicing

If your loan is transferred to a new servicer, you generally get two notices: one from your current mortgage servicer; the other from the new servicer. In most cases, your current servicer must notify you at least 15 days before the effective date of the transfer, unless you received a written transfer notice at settlement. The effective date is when the first mortgage payment is due at the new servicer’s address. The new servicer must notify you within 15 days after the effective date of the transfer.

Both notices must include:

  • the name and address of the new servicer
  • the date the current servicer will stop accepting your mortgage payments
  • the date the new servicer will begin accepting your mortgage payments
  • telephone numbers (either toll-free or collect), for the current and new mortgage servicer, for information about the transfer
  • whether you can continue any optional insurance, such as credit life or disability insurance; what action you must take to maintain coverage; and whether the insurance terms will change
  • a statement that the transfer will not affect any terms or conditions of your mortgage, except those directly related to the servicing of the loan. For example, if your contract says you were allowed to pay property taxes and insurance premiums on your own, the new servicer cannot demand that you establish an escrow account.
  • a statement explaining your rights and what to do if you have a question or complaint about the servicing of your loan.
There is a 60-day grace period after the transfer: during this time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer.