When does a borrower receive the Servicing Transfer Statement?

The Servicing Transfer Statement must be provided to the borrower 15 days before the actual transfer of servicing occurs. This requirement is important as it ensures that borrowers are informed about changes in their loan servicing, including details about where to send payments, contact information for the new servicer, and any other important information related to their loan. By providing this notice in advance, borrowers have the opportunity to clarify any questions or concerns they may have regarding their mortgage servicing or payment options before the transfer takes effect. This regulation helps maintain transparency and proper communication between borrowers and lenders, ensuring a smoother transition.