The Servicing Rights Purchase Agreement for SunTrust Bank was made available today by online legal document provider RealDealDocs.com.

The SunTrust Bank servicing rights purchase agreement with Wells Fargo Bank details the transfer of mortgage loans. The Countrywide Home Loans Inc. servicing rights purchase agreement with DB Structured Products Inc. sets the terms for the gradual purchase of residential mortgage loans. Both of these Servicing Rights Purchase Agreements are available in their entirety on the RealDealDocs.com website.

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A Servicing Rights Purchase Agreement is the consummation of an agreement between the original lender of a mortgage and a company that specialize in servicing mortgages. How much are servicing rights generally worth? It depends on the value of the mortgage. The higher the mortgage balance, the more the servicing rights are worth. Recently, Citigroup Inc.’s residential lending unit sold servicing rights on 185,000 loans to American Home Mortgage Servicing Inc. for $1.5 billion.

Another responsibility of a mortgage servicer may be to work with the homeowner to modify the mortgage terms so the homeowner can make their payments and stay in their home. When the housing bubble burst in 2007, many servicing rights purchase agreements became less valuable. Going forward, servicing rights will maintain their value and thus the drafting of servicing rights purchase agreements will continue to be good business for real estate lawyers.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com.
SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

Popularity: 4% [?]