Under Ohio's RMLA, what must a mortgage lender disclose to a borrower when the lender intends to sell or transfer the servicing of the mortgage loan?
Correct Answer
D) A notice of the transfer, including the new servicer's contact information and effective date
Ohio law, consistent with federal RESPA requirements, requires mortgage lenders to notify borrowers when loan servicing is being transferred. The notice must include the new servicer's contact information, effective date, and other relevant details.
Why This Is the Correct Answer
Ohio law, consistent with federal RESPA requirements, requires mortgage lenders to notify borrowers when loan servicing is being transferred. The notice must include the new servicer's contact information, effective date, and other relevant details.
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