terms that represent, or try to evoke images or experiences of specific, tangible objects or entities. Concrete terms are usually thought of as opposed to abstractions or generalizations. External conflicts have outside action such as man against man, man against nature, man against fate.
- Borrower must receive servicing transfer statement at least 15 days before effective date of loan transfer-Borrower cannot be penalized for making a timely payment to prior servicer within 60 days of loan transfer-Records must be retained for 3 years for revised GFE; for 5 years for HUD-1s, escrow accounts, and AfBAs.
The company that holds your loan have to inform you who your new servicing company will be, where it is located, where you should send your next payment, and when the new servicer will begin accepting payments. Generally, the loan servicer must notify the borrower 15 days before the effective date of the loan transfer. Under the RESPA, as long the borrower makes a timely payment to the old servicer within 60 days of the loan transfer, the borrower cannot be penalized. Related Articles: