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Updated over 2 years ago on . Most recent reply

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Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
5
Votes |
23
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New Servicer wants original Note????

Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
Posted
Hi,
I'm being forced to change note servicer on my notes since my old servicer will no longer be licensed in the state where I have most of my notes (MI).
The Old servicer recommended West Star in Phoenix, and they seem to be OK.
In the process of transferring the notes, West Star requested I give them the original of the Note! This seems wrong to me. If something happens to that original, how do i show that I'm entitled to the payments? I of course have copies, but copies - even notarized ones - cannot be used to show ownership.
Has anyone in this group heard of servicing requiring the original of documents (CFD, Note, Assignments, etc.)?

Most Popular Reply

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19,679
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Chris Seveney
  • Investor
  • Virginia
17,304
Votes |
19,679
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Chris Seveney
  • Investor
  • Virginia
ModeratorReplied

@Guillermo Perez Vargas

I have never seen a servicer ask for the original note. A copy of the note and a certification noting where the original is stored is typically satisfactory

  • Chris Seveney
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7e investments
5.0 stars
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