What is Assumption Coordination Service?

TransferMortgage™ Assumption Coordination Services are critical to the user experience of the buyers and sellers in the mortgage assumption process.

While mortgage assumptions are the fastest growing type of mortgage transaction, assumptions are still very “new” to real estate agents, buyers, sellers and even mortgage providers and mortgage servicers.
TransferMortgage solves issue this by quarterbacking the entire assumption process from the time the agreement of sale is complete to the closing table. Not only do we provide compliant documentation we also work with all the required participants to make sure the assumption process is efficient.

Participants can include:

  • Buyer
  • Seller
  • Agents
  • Title Company
  • Attorney (as required)
  • Property Valuation
  • Inspections (as required)
  • Lender
  • Servicer

Documents to be Prepared or Managed can include:

  • Loan Application for submission to the Lender/Servicer: Specifically, to obtain information needed to complete the loan documents.
  • Sales Contract
  • SSPL (Settlement Service provider list)
  • Credit Report Request
  • Third party invoices (if applicable)
  • Loan Servicer Fee Sheet
  • Escrow Analysis – Servicer
  • Conditions to Close/Instructions
  • Third Party Invoices for Settlement Services
  • Prelim and Final Title Fees
  • Title Commitment
  • Property Valuation or Appraisal
  • Tax Certificate
  • Homeowners Insurance
  • Final 1003/Loan Application for submission to the Lender/Servicer: Specifically, to obtain information needed to complete the loan documents.
  • Final CD from Servicer/Lender/Final Title Fees
  • Coordination and delivery of closing documents to notary and borrower or to an eSigning application.
  • Execution of documents including notarization of holographic signature images.

Since the buyer receives the greatest value in a mortgage assumption, TransferMortgage™ enters into an agreement with the buyer to perform concierge services. The price for the concierge service is 1% of the selling price of the property with a minimum of $1,500. Note that the TransferMortgage™ fees are in addition to fees traditionally paid by the buyer and seller to other participants in the transaction.
Note that seller concessions may be negotiated between the buyer and seller to fully or partially offset the TransferMortgage™ fees – this is entirely up to the buyer and seller.