Under the CRMLA, which of the following is required when a mortgage loan servicing is transferred from one servicer to another?
Correct Answer
C) The borrower must be provided with written notice of the transfer within the timeframes required by law
When mortgage servicing is transferred, the borrower must receive written notice within the required servicing-transfer timeframes. Borrower consent is not a condition for the transfer, but notice is mandatory.
Why This Is the Correct Answer
When mortgage servicing is transferred, the borrower must receive written notice within the required servicing-transfer timeframes. Borrower consent is not a condition for the transfer, but notice is mandatory.
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