licensee shall sell or transfer servicing to, or accept or purchase servicing
from, any entity other than a licensee or an entity exempt from licensing
pursuant to Section 1-4(d) of the Act unless specifically authorized by the
b) Any licensee who is a
party to an arrangement for large transfers of servicing shall make certain
that sufficient staff and facilities are dedicated to the transfers to prevent
inconvenience to mortgagors.
Notice to Mortgagor of Transfer. Licensee shall comply with the notice
requirement set forth in
(Mortgage Servicing Transfers) (2017,
no subsequent dates or editions included).
Responsibilities of Transferring Licensee.
Responsibilities of a licensee who transfers or sells servicing on a
residential mortgage loan shall:
providing the insurance carrier or agent with a notice of transfer identifying
both the policy number and loan number when servicing includes payment of
hazard insurance premiums;
Promptly notifying the tax-bill service or taxing authority of the transfer
when servicing includes payment of real property taxes;
Forward to the buying or accepting
A) Escrow (impound)
B) Correspondence, bills,
receipts and documents relating to the transferred loans;
C) Mortgage payments daily, for a period of
at least 60 days.
In addition to the notice described in
subsection (c), responsibilities of a licensee buying or accepting transfer of
servicing of a residential mortgage loan shall include but not be limited to:
1) Promptly furnishing to the customer
payment identification materials required by the licensee for efficient
processing of customer remittances. Examples of such items are payment coupon
books and preprinted envelopes;
Promptly responding to each mortgagor's questions regarding payoffs,
assumptions, statements of account and general servicing procedures;
3) Practicing forbearance with the mortgagor
when sorting out transfer-related problems, including but not limited to
delinquency and assessment of late charges.