I am writing this post to explain to everyone what the Servicing Disclosure Statement (SDR) means. The SDR tells you what the chances are that the servicing of your loan may be transferred to another lender and your rights associated with that transfer. Defined in the SDR is "servicing" which refers to the collecting of your principal and interest and escrow account payments, if any.
Should your loan be tagged for a transfer you must receive written notice by the "current" provider not less than 15 days from the date of transfer. You must also receive written notice from the "new" service provider within 15 days of the transfer date. Typically, when dealing with a broker your Servicing Disclosure will be closer to 100% transfer, this is because most brokers do not service loan portfolio's. However, at the closing when you are signing the "lenders" SDR you will see decreasing rates of transfer.
Your comments are welcomed!
Brought to you by The Professional Mortgage Group, Columbia, Missouri
Should your loan be tagged for a transfer you must receive written notice by the "current" provider not less than 15 days from the date of transfer. You must also receive written notice from the "new" service provider within 15 days of the transfer date. Typically, when dealing with a broker your Servicing Disclosure will be closer to 100% transfer, this is because most brokers do not service loan portfolio's. However, at the closing when you are signing the "lenders" SDR you will see decreasing rates of transfer.
Your comments are welcomed!
Brought to you by The Professional Mortgage Group, Columbia, Missouri
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