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TMServicing Disclosure Statement 4/2022NOTICE TO FIRST LIEN MORTGAGE LOAN APPLICANTS. THE RIGHT TO COLLECT YOUR MORTGAGE LOAN PAYMENTS MAY BE TRANSFERRED. You are applying for a mortgage loan covered

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What is respa transfer of servicing?

RESPA transfer of servicing refers to the process mandated by the Real Estate Settlement Procedures Act (RESPA), which requires that a borrower be notified when the servicing rights of their mortgage loan are transferred from one servicer to another.

Who is required to file respa transfer of servicing?

Both the transferring servicer and the receiving servicer are required to file the RESPA transfer of servicing notification.

How to fill out respa transfer of servicing?

To fill out the RESPA transfer of servicing, servicers need to complete the specific form provided by the Department of Housing and Urban Development (HUD), ensuring all required borrower information, transfer details, and signatures are included.

What is the purpose of respa transfer of servicing?

The purpose of RESPA transfer of servicing is to ensure that borrowers are informed of any changes to the party responsible for managing their loan, from payment processing to customer service.

What information must be reported on respa transfer of servicing?

The information that must be reported includes the names and addresses of both the transferring and receiving servicers, the loan number, the effective date of the transfer, and contact information for the new servicer.

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