What is a servicing statement?

What is a servicing statement?

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.

Who must provide a servicing transfer disclosure?

(1) Requirement for notice. Except as provided in paragraph (b)(2) of this section, each transferor servicer and transferee servicer of any mortgage loan shall provide to the borrower a notice of transfer for any assignment, sale, or transfer of the servicing of the mortgage loan.

What disclosures are required within 3 days of application?

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).

Which of the following is a disclosure that must be provided before settlement?

Another required disclosure before settlement is the HUD-1 Settlement Statement. This is a form that lists all fees that will be charged to the borrower and the seller at closing. The borrower may review the HUD-1 Settlement Statement one day before closing.

Does the initial closing disclosure need to be signed?

Federal law mandates the Initial Closing Disclosure be signed three business days before closing. A delay in signing the Initial CD will result in a delayed closing.

When must you provide the initial escrow account disclosure statement?

After conducting the escrow account analysis for each escrow account, the servicer shall submit an initial escrow account statement to the borrower at settlement or within 45 calendar days of settlement for escrow accounts that are established as a condition of the loan.

What is an approval disclosure?

Approval Disclosure means a written statement telling me the amount of the Loan that you have approved and other information that is required by law, including my right to accept this Loan within 30 days after receipt of, or the date indicated on, the Private Education Loan Approval Disclosure.

What is a RESPA disclosure?

RESPA is the abbreviation for the Real Estate Settlement Procedures Act, a federal consumer protection law overseen by the U.S. Department of Housing and Urban Development (HUD) that is designed to require residential real settlement providers to make a number of disclosures about the mortgage and real estate …