Correspondent Lending Notice of Servicing Transfer Letter Announcement-January 5, 2018
Subject: Notice of Servicing Transfer Letter
Date: January 5, 2018
On January 1, 2018 our sub-servicer, Cenlar, instituted a new policy requiring Sellers to provide a copy of the issued “Notice of Servicing Transfer Letter” or “Goodbye Letter” in accordance with Regulation X 12 CFR 1024.21(d). As a result of this new policy all loans funded year-to-date and going forward will include a condition requesting this documentation. Sellers can expect the condition to appear on all loans not yet funded, as of the date the closed loan package has been uploaded to the Clean Room. The condition will read as follows:
“Post-funding condition to provide borrower’s Notice of Servicing Transfer Letter/Goodbye Letter within 14 days of AIG loan purchase notification.”
When uploading a remedy for this condition, please select “Notice of Servicing Transfer / Goodbye Letter” from the list of document names available within the Clean Room. These conditions will be tracked by AIG Correspondent Lending, and the loan will remain open until such time that the condition has been satisfied.
Please contact Shane Larscheid, Vice President of Sales with any questions.
Thank you and Happy New Year.