Notice of Transfer - Key Points and Sample

When a loan is sold as servicing transferred, Fairway customers receive a Notice of Servicing Transfer in a bright “Fairway Green” envelope.  This notification of servicing transfer must be sent at least 15 calendar days prior to the effective date of the servicing transfer.  

This important regulatory notice contains:

  • Effective date of Servicing Transfer
  • Name of new Servicer/Sub-Servicer
  • Contact information for new Servicer/Sub-Servicer including payment address
  • Date of first payment due to new Servicer/Sub-Servicer 

Other key points include:
  • RESPA protection for 60 days after transfer effective date
    • No negative credit reporting
    • No late fees assessed
    • Payments will be forwarded from Fairway to new servicer during this period

Shown below is sample verbiage for a Notice of Transfer – this content varies from servicer to servicer and loan to loan – this sample is for training purposes only.


Customer Name

Customer Name

123 Any Street

City, ST 00000


Old Loan Number:       

New Loan Number:     

Dear Customer Name: 

Fairway Independent Mortgage Corporation ("Fairway") is providing notification that the servicing of your mortgage loan is being transferred to <New Servicer>. 

On <transfer effective date>, <New Servicer> will begin the day-to-day servicing of your mortgage loan. The terms of your loan remain the same. 

Servicing transfers can be confusing and we want to make this transition as easy as possible for you. This letter explains what you should know about the transfer of servicing and provides you with tools to manage your loan going forward. 

Please review carefully and retain for your records. For your convenience, visit to access information about this transfer of servicing and other loan details.

What Is Changing: 

Your Loan Number: When the servicing of your loan transfers, effective <transfer effective date>, your loan number will change to <new servicer loan number>. 

Where You Make Your Payment: 

According to our records, as of the date of this letter, your next payment is due on <next payment due date>. 

Your servicing transfer effective date is <transfer effective date>.

  • All payments due prior to the transfer effective date should be made to Fairway. 
  • All payments due on or after the transfer effective date should be made to <new servicer>. 

For payment addresses and additional contact information, please review the "Payment Options and Contacts" Chart located on the following page.

Payments and Other Considerations Payment Protections with a transfer: 

Under federal regulations, you receive protection from late charge assessments and negative credit bureau reporting for sixty (60) days after the servicing transfer date. During that 60 day period, Fairway will forward your payment to <new servicer> as needed. 

You will find additional information on this topic in the "Important Legal Information" section further below. 

Online Bill Pay Alert: If you have initiated the process to make your monthly loan payments using an online bill pay service or online banking, please change the bill provider name (payee) to <new servicer name>, the account number to <new servicer loan number> and the address to <new servicer payment address> to continue to make payments. If these changes are not made, there will be a delay in the processing of your payment.

Year-End Statements: 

Next year in January you will receive a year-end statement as required by the Internal Revenue Service (IRS) from each servicer for the period that they serviced your loan.  You will need to add the amounts on these statements to get the total amount of interest you paid for the year for IRS reporting purposes. We are here to assist you and help you through the servicing transfer transition. 


Fairway Independent Mortgage Corporation

Important Legal Information 

Information about the service transfer of your loan 

Under federal law, during the 60-day period following the effective date of the transfer of the loan servicing, a loan payment received by your old servicer before its due date may not be treated by the new loan servicer as late, and a late fee may not be imposed on you.  Notices of Servicing Transfer Except in limited circumstances, the law requires that your present servicer send you this notice at least 15 days before the effective date of transfer. Your new servicer must also send you this notice no later than 15 days after this effective date or at closing. 

Important Notice to Arkansas Residents: A complaint concerning mortgage servicing may be submitted to the Commissioner of the Arkansas Department of Securities at Heritage West Building, Suite 30, Little Rock, Arkansas 72201-1692. Phone: 1-501-324-9260. loan-how-to-file-a-complaint. 

Important notice for California: The state Rosenthal Fair Debt Collection Practices Act and the federal Fair Debt Collection Practices Act require that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or misleading statements or call you at work if they know or have reason to know that you may not receive personal calls at work. For the most part, collectors may not tell another person, other than your attorney or spouse, about your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more information about debt collection activities, you may contact the Federal Trade Commission at 1-877-FTC- HELP or

Important Notice for Georgia: Georgia's law on mortgage servicing standards states that servicers (a) shall act with reasonable skill, care and diligence; (b) shall not charge fees for handling borrower disputes, facilitating routine collections, arranging payment or forbearance plans, sending notices of nonpayment, updating records to reinstate a mortgage loan or late payments in excess of the initial late payment fee; (c) except as provided in (d) herein, shall not commence a foreclosure process while a complete loss mitigation package is pending; (d) shall not conduct a foreclosure sale before evaluating a complete loss mitigation application in the event the complete loss mitigation application is received after the foreclosure process commenced and more than 37 days before the foreclosure sale; (e) shall consider loss mitigation whenever possible and (1) acknowledge receipt of a loss mitigation application within 5 business days of receipt; (2) provide the name, address, and a collect call or toll-free telephone number for an employee or department of the servicer to be contacted for loss mitigation inquiries; (3) identify requirements for loss mitigation options, if available, and (4)(i)evaluate a borrower's eligibility for available loss mitigation options within 30 days of receipt of a loss mitigation application if the servicer receives that loss mitigation application more than 37 days before a foreclosure sale or, (4)(ii) in the event a servicer is not required to evaluate the loss mitigation application under (4)(i), the servicer shall either notify the borrower that the loss mitigation application was not timely, or evaluate the loss mitigation application; (f ) shall have a process for borrowers to appeal loss mitigation disputes including a formal review of loss mitigation options by different personnel than those responsible for the previous decision or provide an option for mediation of the disputes if the loss mitigation application was received 90 days or more before a foreclosure sale*; (g) shall have an error resolution process for all borrowers, except those excluded under 12 CFR §1024.35(g), which must acknowledge receipt of the notice of error within 5 business days of receipt, conduct a reasonable investigation, and provide written notification of the correction of the error or determination that no error occurred within 45 days of receipt unless 12 CFR § 1024.35 requires prompter response or allows for alternative compliance; (h) shall apply payments to the principal and interest first, rather than insurance, taxes and fees, except where inconsistent with federal law; (i) shall not assess a charge or fee related to force-placed insurance unless the servicer has reasonable basis to believe non-compliance with the mortgage contract's requirements to maintain insurance; and (j) shall not obtain force-placed insurance that imposes an unreasonable charge or fee. The appeal process for loss mitigation disputes is in accordance with 12 CFR § 1024.41(h), and allows for submission of an appeal within 14 days of the servicer providing the loss mitigation determination to the borrower, subject to the exclusions in 12 CFR § 1024.41(h)(1), and the appeal shall be reviewed by different personnel than those responsible for evaluating the complete loss mitigation application. The appeal determination will be communicated to the borrower within 30 days of submission of the appeal. 

Important notice for Maryland: For complaints and inquiries contact the Customer Service Department as per the above "Payment Options and Contacts" section of this notice. The Customer Service Department must respond in writing to each written complaint or inquiry within 15 days if requested. If a servicer violates Maryland Commercial Law Code Ann. Section 13-316(b) or fails to make timely payments of taxes or insurance premiums on a loan with borrower paid escrow items when the servicer has received the tax bill or notice, the servicer faces liability for any economic damages caused by the violation. 

Important notice for Oregon: Residential mortgage loan servicers are regulated by the Oregon Division of Financial Regulation. To file a complaint, call (888) 877- 4894 or visit

Important notice for Texas Residents: Complaints regarding the Servicing of your mortgage should be sent to the Department of Savings and Mortgage Lending, 2601 North Lamar Boulevard, Suite 201, Austin TX 78705. Toll-Free Consumer Hotline available at 1-877-276-5550. 

Important notice for New York Residents: A complaint about mortgage servicing can be filed with the New York State Department of Financial Services. You may obtain further information from the New York State Department of Financial Services by calling the Department's consumer assistance unit at 1-800-342-3736 or by visiting the Department's website at

Important notice for Hawaii Residents: A complaint concerning mortgage servicing may be submitted to the Hawaii Commissioner of Financial Institutions within the Department of Commerce and Consumer Affairs.