N.J. Admin. Code § 5:80-21.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:80-21.4 - Subsequent transfers

(a) The rules within this subchapter and all terms and conditions of the then current agreements between the Agency and the transferring servicer shall apply in their entirety to any subsequent transfers by servicers who became successor servicers under the provisions of these rules.

(b) Successors servicers shall assume and abide by all the terms, including compensation adjustments, of the applicable mortgage servicing agreements on the loans being serviced unless different terms are agreed to in writing by the successor servicer and the Agency. Portfolio records shall be delivered to the successor, including, but not limited to, current and past status, escrow balances, and prepayment and curtailment information. Transferor and transferee shall fully indemnify the Agency against losses or claims resulting from the transfer.

N.J. Admin. Code § 5:80-21.4

Amended by R.1997 d.523, effective 12/15/1997.
See: 28 New Jersey Register 4833(a), 29 New Jersey Register 5285(a).
In (a), inserted a reference to agreements between the Agency and the transferring servicer; and in (b), inserted the second sentence.