Kansas Statutes 58-2338. Same; notice to mortgagor by selling lender; response to mortgagor by purchasing lender
Terms Used In Kansas Statutes 58-2338
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- home loan: means a real estate loan when the security is home property;
(f) "home property" means real estate on which there is located, or will be located pursuant to a home loan, a home or a combination home;
(g) "real estate loan" means a loan on the security of real estate evidenced by any form of instrument whereby a lien is created upon such real estate for the benefit of another person as security for the payment of an obligation to such person or whereby title to real estate is conveyed to another person as trustee for a third person, as security for the payment of an obligation to such third person;
(h) "person" means an individual, corporation, business trust, partnership or association or any other legal entity;
(i) "escrow account" means escrow, agency or similar account for the payment of taxes or insurance premiums with respect to a home loan. See Kansas Statutes 58-2337
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lender: means all state and national banks, trust companies, state and federally chartered savings and loan associations, federally chartered savings banks or state and federally chartered credit unions or any person making a home loan;
(b) "selling lender" means a lender who sells, assigns or transfers the servicing of a loan to a purchasing lender or a servicing agent;
(c) "purchasing lender" means a lender or servicing agent who buys the servicing of a loan from a selling lender;
(d) "home" means a dwelling or dwellings for not more than four families. See Kansas Statutes 58-2337
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
If the servicing of a home loan is sold or assigned to another person:
(a) The selling lender shall notify the mortgagor of the sale no more than 10 business days after the actual date of transfer. The notification must include the name, address and telephone number of the person who will assume responsibility for servicing and accepting payments for the home loan and upon request of the mortgagor, the notification must also include a detailed written financial breakdown including, but not limited to, interest rate, monthly payment amount and current escrow balance; and
(b) the purchasing lender shall respond within 15 business days to a written request for information from a mortgagor. A written response must include the telephone number of the company representative who can assist the mortgagor.