Provide the borrower with the Notice of Servicing Transfer (Exhibit 2 of the Specialized Loan Servicing (SLS) Whole Loan Servicing Transfer Manual) or equivalent document at closing or as required by RESPA and other applicable laws. This document must include an accurate effective servicing transfer date.
Effective Date of Servicing Transfer is equal to the date the first payment is due to SLS.
For Loans Purchased On or Before the 12th
Serviced loans purchased on or before the 12th calendar day of the month will have a first payment due to SLS on the 1st day of the next month. For example:
Funding Date: August 9
1st Borrower Payment Date Due to SLS: September 1
Effective Servicing Transfer Date: September 1
For Loans Purchased After the 12th
Serviced loans purchased after the 12th calendar day of the month will have a first payment due to SLS on the 1st day of the month after the next month. For example:
Funding Date: August 22
1st Borrower Payment Date Due to SLS: October 1
Effective Servicing Transfer Date: October 1