Pennsylvania Notice of Assignment of Mortgage

Pennsylvania Notice of Assignment of Mortgage Information

hen a mortgage has been sold/transferred to another party, the receiving party is the "Assignee" often referred to as the "New Creditor". At this point it is the responsibility of the New Creditor to notify the current borrowers of the recent assignment. Notification consists of contact information of the new creditor, recording dates, Wisconsin recording numbers, changes in loan, etc.

The Truth and lending act requires that borrowers be notified when their mortgage debt has been sold, transferred, or assigned to a new creditor. It is the responsibility of the new creditor to notify the borrower(s) within 30 days to avoid up to $2,000.00 in statutory damages, plus reasonable attorney's fees. Systematic violations can reach up $500,000.00.

Section 404 of the Act amends Section 131 of "Truth in Lending Act" to add a new subsection (g) which provides that, in addition to other disclosures required by the Truth in Lending Act, not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of the transfer. The notice must include the identity, address and telephone number of the new creditor; the date of the transfer; how to reach an agent or party having authority to act on behalf of the new creditor; the location of the place where transfer of ownership of the debt is recorded; and any other relevant information regarding the new creditor.

Included is an "Annual Accounting Statement Form", sent by lender annually to notify mortgagors/borrowers of:
(1) The amount paid under the note: $
(2) Principle paid under the note: $
(3) Interest paid under the note: $
(2) The remaining amount owed under the note: $
(3) The number of payments remaining under the note:
(4) The amounts paid to taxing authorities on the borrower's behalf if collected by the seller/lender:
(5) The amounts paid to insure the property on the borrower's behalf if collected by the seller/lender:
(6) If the property has been damaged and the seller/lender has received insurance proceeds, an accounting of the proceeds applied to the property, etc.

For use in Pennsylvania only.

Deeds.com Pennsylvania Notice of Assignment of Mortgage Forms Have Been Updated as Recently as Wednesday May 18, 2022

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