The servicer must process a transfer of ownership in accordance with Chapter D1-4, Transfers of Ownership.
When a transfer of ownership occurs for a mortgage loan, obtaining the mortgage insurer’s approval is either
- part of the credit review process, or
- not required unless the borrower requests a release of liability.
The servicer must review the MI policy for the specific provision regarding transfers of ownership, assumptions and releases of liability.
For more information please see F-1-18, Processing a Transfer of Ownership.