Explanation of Transmittal Documents
NEW LOAN: For a NEW LOAN completely fill out the appropriate documents (One for each Loan), print and submit these forms by e-mail or fax or mail. We have included a Form, in the package to complete for each investor in the loan.
EXISTING LOAN: To transfer servicing on an EXISTING LOAN we will also need a copy of the RESPA “goodbye” letter. We have provided a “sample letter” in the forms documents for your use. This form is not needed for a new loan. The letter must be dated and sent at least 15 days before the transfer of servicing date. Regardless of the date of the RESPA Transfer Letter, the loan is considered transferred by the NSC the date the transfer letter is sent. Any payment received after the transfer letter is sent, payment must be made out to Note Servicing Center for processing.
LENDER OR BROKER TRANSFER SERVICING OF AN EXISTING PORTFOLIO.
No need to enter each note individually into a Note Information Form. The NSC can provide you a template to bulk transfer your current notes at a nominal fee. Call us at 559-665-3456 Ext. 301 to obtain a special format to complete. For complete conversion seamlessly of existing servicing accounts into our propriately system, please call to speak to our Operations Officer at 559-665-3456 Ext. 301.
DIRECT DEPOSIT: We have included an Authorization Agreement for Automatic Deposits (ACH). This form is used to distribute funds to Beneficiaries, Lenders or Investors by direct deposit into their Bank Account. It is also used to deposit Servicing Fees to the Brokers we sub-service.
ESCROW INFORMATION INPUT SHEET
When a note is submitted requiring the impounding in an escrow account for the payment of Taxes and Insurance (either included in the payment or by scheduled payment) NSC it is necessary to have the contact information and account number in order to make these payments. Please complete this Form as part of your package, along with a copy of the Tax Bill, the amount of any payment you have made in the applicable Tax Year and; a Statement from the Insurance Company indicating where and the date the payment is due.
UNDERLYING PAYMENT INPUT SHEET
Notes submitted for Servicing such as: All-Inclusive Notes (AITD) Subject2 require the payment of an underlying mortgage. When this occurs, it is necessary we have contact information, account number and proper mailing address to send the payment on the Underlying Mortgage. Please complete this form with your package along with the payment coupon you typically receive from the Underlying Mortgage. (The NSC requires one additional advance payment to be sent, to hold in escrow, for these types of notes. The purpose of this advance (additional) payment on the AITD, or Sub2 is to mitigate the occurrence of late fee being assessed by the Underlying Mortgagee or Beneficiary if the payment dates do not coincide. (A problem intrinsic to this type of arrangement)
ASSIGNMENT OF EXISTING NOTE
When the promissory note you are submitting for servicing is an existing note that has been assigned to you, the NSC will require a copy of the Recorded Assignment of the Deed of Trust along with a copy of the note both front and back. When we observe the payee on the Note Information Form differs from the Note. It is a concern particularly in the era when fraud is prevalent. We need to be confident the payments, including a payoff is sent to the proper person.
RESPA “GOODBYE” LETTER
This letter is sent from the present Servicer when an existing note/loan if being transferred to NSC. It is not needed to start servicing a new loan. This is a sample letter which explains for you and the borrower why and under what statues the letter is required including time frames. Please be aware the any borrower payments received by the previous servicer, once the package has been accepted by Note Servicing Center, will need to be reissued and sent to Note Servicing Center for processing.
NOTE/LOAN SERVICING CHECKLIST: In the following forms and document, we have provided a Note/loan Set-Up Check List to help guide in putting together a complete Servicing Package for submission. Remember, NEW LOANS will require a Complete submission of all necessary forms.
If you need assistance, please do no hesitate to call or email the Note Servicing Center at 559-665-3456 Ext. 302. If you have questions or concerns complete the form below, submit your email address and a telephone number if you wish someone to call you.