Get the free Servicing Disclosure Statement

This document informs mortgage loan applicants about their rights under the Real Estate Settlement Procedures Act (RESPA) and outlines the procedures regarding the transfer of loan servicing.

How to fill out servicing disclosure statement

How to fill out Servicing Disclosure Statement

1. Start with the header: Include 'Servicing Disclosure Statement' at the top of the document.
2. Enter the date: Write the date of the disclosure at the top right corner.
3. Provide borrower information: Include the names, addresses, and contact information of all borrowers.
4. List loan details: Include information about the loan such as the loan number, type of loan, and the terms.
5. Describe servicing terms: Clearly outline how the loan will be serviced, including payment schedules and methods.
6. Explain borrower rights: Include a section detailing the rights of the borrower regarding servicing.
7. Add lender information: Provide the name and contact details of the lender or loan servicer.
8. Include additional disclosures: Make sure to attach any additional disclosures required by law.
9. Review the document: Ensure all information is accurate and all sections are completed.
10. Sign and date: Include spaces for borrowers to sign and date the disclosure statement.

Who needs Servicing Disclosure Statement?

1. Borrowers obtaining a loan that is being serviced by a financial institution.
2. Any individuals or entities seeking to understand the servicing terms of their loan agreement.
3. Regulatory bodies requiring disclosure for compliance purposes.

People Also Ask about

What disclosures are required under RESPA?

SERVICING DISCLOSURE STATEMENT RESPA requires the lender or mortgage broker to tell you in writing, when you apply for a loan or within the next three business days, whether it expects that someone else will be servicing your loan (collecting your payments).

What is a servicing transfer notice?

A notice of transfer will tell you where and when you should start sending your monthly payment, as well as explain your rights and let you know what to do if you have any questions about the servicing of your loan.

Which of the following is a purpose for the mortgage servicing disclosure statement?

A mortgage servicing disclosure provides information from the lender about whether or not the servicing of the loan may be transferred, sold, or assigned to some other person or entity during the life of the loan.

What is a servicing transfer statement?

As a borrower, all a servicing transfer means is that you'll send your payments to a different company. That company will now also handle your escrow account, answer questions about your loan, and manage the foreclosure process if you default on the payments.

What does MSR mean in accounting?

Mortgage Servicing Rights (MSR) A specific arrangement where a third party promises to collect mortgage payments on behalf of a lender in exchange for a fee.

What is a servicing disclosure?

A Mortgage Servicing Disclosure Statement, which discloses to the borrower whether the lender intends to service the loan or transfer it to another lender. It also provides information about complaint resolution.

For pdfFiller’s FAQs

What is Servicing Disclosure Statement?

A Servicing Disclosure Statement is a document provided by lenders that outlines the terms and conditions related to the servicing of a mortgage loan. It informs borrowers about how their loan will be managed, including payment processing, customer service, and the handling of escrow accounts.

Who is required to file Servicing Disclosure Statement?

Lenders that service mortgage loans are required to file a Servicing Disclosure Statement. This includes banks, credit unions, and mortgage companies who manage their own loans or act on behalf of others.

How to fill out Servicing Disclosure Statement?

To fill out a Servicing Disclosure Statement, lenders need to provide information about the loan terms, servicer's contact details, payment instructions, and any fees associated with servicing. It's essential to accurately reflect all relevant data to ensure compliance with regulations.

What is the purpose of Servicing Disclosure Statement?

The purpose of the Servicing Disclosure Statement is to ensure transparency between the lender and the borrower regarding loan servicing practices, to inform borrowers of their rights, and to meet regulatory requirements to protect consumers.

What information must be reported on Servicing Disclosure Statement?

The information that must be reported on a Servicing Disclosure Statement includes the name and contact information of the loan servicer, loan payment due dates, details on late fees, information about the handling of escrow accounts, and any other pertinent loan servicing policies.