[Sample language; use
business stationery or similar heading]
[Date]
SERVICING DISCLOSURE STATEMENT NOTICE 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 by the Real Estate Settlement
Procedures Act (RESPA) (12 U.S.C. 2601 et seq.). RESPA gives
you certain rights under Federal law. This statement describes whether
the servicing for this loan may be transferred to a different loan
servicer. “Servicing” refers to collecting your principal, interest,
and escrow payments, if any, as well as sending any monthly or annual
statements, tracking account balances, and handling other aspects
of your loan. You will be given advance notice before a transfer occurs.
Servicing Transfer Information
[We may assign, sell, or transfer the servicing
of your loan while the loan is outstanding.]
[or]
[We do not service mortgage loans of the type for
which you applied. We intend to assign, sell, or transfer the servicing
of your mortgage loan before the first payment is due.]
[or]
[The loan for which you have
applied will be serviced at this financial institution and we do not
intend to sell, transfer, or assign the servicing of the loan.]
[INSTRUCTIONS TO PREPARER: Insert the date and select
the appropriate language under “Servicing Transfer Information.” The
model format may be annotated with further information that clarifies
or enhances the model language.]
