Event 29 Sample Letters |
  
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Navigation: Appendix A - Merge Field Descriptions (Loans) > Event 29, Loan Sold >
Event 29 Sample Letters |
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See the following examples of sold loan letters:
Example 1: Letter to Insurance Company Concerning New Loan
<<EVENT_DATE>>
<<COMPANY_NAME>> <<COMPANY_ADDRESS_1>> <<COMPANY_ADDRESS_2>> <<COMPANY_ADDRESS_3>> <<COMPANY_CITY_STATE_ZIP>>
<<PROPERTY_ADDRESS_CITY_STATE_ZIP>>
Dear Borrower(s):
Please be advised that effective Month X, 200X the above referenced loan is being transferred to FPS GOLD Bank. Please change the Mortgagee Clause on the insurance policy to read as follows:
FPS GOLD Bank 1525 West 820 North Provo, Utah 84601
If your records do not reflect the policy on this account as currently in force, please contact a representative of FPS GOLD Bank at (555) 555-5555. Otherwise, please send the endorsement for the requested change, as well as all future correspondence and notices, to FPS GOLD Bank. Please reference our loan number <<FORMATTED_LOAN_NUMBER>>.
Sincerely,
John Doe Title
E29/L## |
Example 2: Sale of Servicing
<<EVENT_DATE>>
<<COMPANY_NAME>> <<COMPANY_ADDRESS_1>> <<COMPANY_ADDRESS_2>> <<COMPANY_ADDRESS_3>> <<COMPANY_CITY_STATE_ZIP>>
Dear Borrower:
It is customary practice in the Mortgage Lending Industry for lenders to purchase or sell servicing rights.
The servicing of the above mentioned loan will be transferred to FPS GOLD Bank. Your <<DUE_DATE>> payment should be sent to FPS GOLD Bank, who maintains an effective Customer Service Department that will answer any questions or assist in the resolution of any problems that may develop related to your loan. The Customer Service number is 1-800-555-5555, extension #5555.
In the immediate future, FPS GOLD Bank will furnish you with information as to their procedures and payment instructions. Prior to the receipt of this information from them, your payment should be directed to FPS GOLD Bank, 1525 West 820 North, Provo, Utah 84601.
Please include your current payment coupon until new coupons are issued by FPS GOLD Bank. All payments that have been directed to Old Savings Bank prior to the receipt of this letter will be promptly credited and it will not be necessary for you to communicate with us in this regard. All information concerning your loan file has been transferred to FPS GOLD Bank. A statement reflecting year-to-date interest paid to Old Savings Bank for the current year through the date of transfer will be provided by Old Savings Bank.
Sincerely,
Old Savings Bank
E29/L## |