Legal Question in Real Estate Law in California

Is Mortgage Servicing Transfer Safe?

Hello,

I am thinking of obtaining a loan from a small mortgage company named Best Coast Mortgage that has sent me a mortgage servicing transfer disclosure statement that states in essence that they tranfer all of their loans-is this cause for concern? I can't obtain any licensing info for them at the Dept. of RE site either. However, the application package contains a good faith estimate and the usual disclosures and forms. I appreciate your advice.

Anna


Asked on 3/08/03, 10:53 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Is Mortgage Servicing Transfer Safe?

It is not at all unusual for mortgage producers to farm out the servicing, or to sell off loan portfolios. This would not concern me. However, you should be able to locate license information. I suggest you just ask the firm for the number, and name of the licensee (individual or corporation), then go back to the DRE Web site to confirm the data and to look for a record of discipline.

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Answered on 3/09/03, 12:02 am


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