Form 629 – Fill Out and Use This PDF

Form 629 PDF Details

In the realm of mortgage servicing rights, the process of transferring servicer responsibilities for loans backed by Fannie Mae is facilitated by the Form 629, known as the Request for Approval of Servicing Transfer. This crucial document lays the foundation for a smooth transition between the servicing entities, ensuring that all necessary details are meticulously outlined and communicated well before the transfer takes effect. Both the transferor (current servicer) and the transferee (new servicer) are required to complete the form and submit it to Fannie Mae, alongside a $500 processing fee, at least 30 days prior to the slated date of servicing transfer. This timeframe allows for adequate processing and approval by Fannie Mae’s Servicing Transfer Group. The form captures extensive details, including but not limited to, the reason for the servicing transfer, lender record information, a comprehensive breakdown of the portfolio to be transferred, and information on any special products contained within the portfolio. Significantly, the form differentiates between full and partial transfers, demands insight into the financial health of the portfolios through specifics such as delinquency ratios and unpaid principal balances, and addresses special handling for unique products such as Interest Only Strips and various mortgage types. For those without email capability, a hard copy submission option is provided, maintaining an inclusive approach to the servicing transfer request process. Additionally, the Form 629 sets expectations regarding electronic e-Transfer submissions and the provision of a loan level file in cases of partial transfers, underlining the detailed and structured approach required for these intricate transactions.