Resources > Glossary > Notice of Assignment, Sale, or Transfer of Servicing Rights

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Notice of Assignment, Sale, or Transfer of Servicing Rights

Function: noun

Definition 1:
This document authorizes the lender to transfer the servicing rights to another party. The servicer would be the one to collect monthly payments and handle customer service. It also authorizes the lender to sell the loan to another party which is a common practice. If the loan was sold, the terms of the loan would not change. Your notice of assignment, sale, or transfer of servicing rights document might state that you are entitled by law to receive 15 days notice before the effective date of the transfer. It would also state who your current servicer is.