A date section has been added to the top of the standard “Notice of Assignment, Sale or Transfer of Servicing Rights” (cx21). Various investors and clients have requested the date be added to track when the notice was given.
In addition, two optional field prompts are being added to ConformX for “Transfer of Servicing Affect on Option Insurance” and “Transfer of Servicing Action to Maintain Option Insurance Coverage”. The field prompts will appear in ConformX closings if the credit life or credit disability insurance fields are set.
These fields already print in the following area of the “Notice of Assignment, Sale or Transfer of Servicing Rights”:
“The transfer of servicing rights may affect the terms of or the continued availability of mortgage life or disability insurance or any other type of option insurance in the following manner: [Transfer of Servicing Affect on Option Insurance]
You should take the following action to maintain coverage: [Transfer of Servicing Action to Maintain Option Insurance Coverage]”
In addition, “N/A” has been added to print in these sections if the two text fields are left empty.
The document edits will be effective December 31, 2011.
December 29, 2011