58-2338. Same; notice to mortgagor by selling lender; response to mortgagor by purchasing lender.
58-2338
58-2338. Same; notice to mortgagor by selling lender; response tomortgagor by purchasing lender.If the servicing of a home loan is sold or assigned to another person:
(a) The selling lender shall notify the mortgagor of the sale no morethan 10 business days after the actual date of transfer. The notification must includethe name, address and telephone number of the person who will assume responsibilityfor servicing and accepting payments for the home loan and upon request ofthe mortgagor, the notificationmust also include a detailed written financial breakdown including, butnot limited to, interest rate, monthly payment amount and current escrow balance; and
(b) the purchasing lender shall respond within 15 business days to a writtenrequest for information from a mortgagor. A written response must includethe telephone number of the company representative who can assist the mortgagor.
History: L. 1988, ch. 57, § 2; July 1.