Covered Loans
List each loan or loan pool by loan number or identifier, including current principal balances, interest rate, payment status, escrow details, and any special servicing instructions or modifications.
A precise Service Release Agreement allocates financial and legal risk, documents warranties and indemnities, and sets timelines for transfer and reconciliation to reduce disputes and support regulatory compliance.
Primary users include loan servicers, investors, mortgage lenders, and attorneys managing transfers of servicing rights and post-transfer obligations.
Use the agreement to document responsibilities, signatory authority, and remedies so each party knows its operational and legal duties after transfer.
List each loan or loan pool by loan number or identifier, including current principal balances, interest rate, payment status, escrow details, and any special servicing instructions or modifications.
Specify the exact effective date of transfer and the time at which servicing obligations and remittances pass to the purchaser; include time zone and cut-off logic for payments.
Seller and buyer representations about loan validity, enforceability, payment history, bankruptcy status, and compliance with laws; include survival periods and materiality thresholds for breaches.
Detailed indemnity clauses allocating liability for breaches, fraud, payment shortfalls, and third-party claims, with notice, defense, and cure procedures described in clear stepwise terms.
Procedures for records transfer, data formats, system access, borrower notices, escrow reconciliation, and training, including timelines, responsible parties, and acceptance criteria.
Purchase price adjustments, escrow balances, servicing fees, holdbacks, reps & warranties escrows, cure rights, repurchase mechanics, and timelines for dispute resolution or refunds.
| Field Name and UI Configuration | Setting | Value |
|---|---|
| Authentication Method and Verification Options | Authentication Method | Email link or SMS code |
| Signer Roles and Order Configuration | Signer Roles | Sequential or parallel order |
| Document Fields and Conditional Logic | Fields | Signature, date, initial, conditional fields |
| Data Import and Loan Schedule Mapping | Data Import | CSV mapping to loan fields |
Digital signing requires secure authentication, immutable audit trails, tamper-evident PDFs, and reliable record retention to support enforceability under ESIGN and UETA.
Determine exact transfer time and payment cutoff for funds and payments.
Issue borrower notices per contract and any applicable state or federal rules.
Complete escrow reconciliation within agreed number of days post-transfer.
Allow agreed cure window for breaches or deficient documents to be remedied.
Deliver loan files and system access per transition schedule and acceptance criteria.
| signNow | DocuSign | Adobe Sign | PandaDoc | HelloSign | |
|---|---|---|---|---|---|
| Starting Price | $8/user/mo | $15/user/mo | $14/user/mo | $19/user/mo | $15/user/mo |
| Free Trial | 7-day free trial | Varies | Varies | Varies | Varies |
| Bulk Send | Yes | Yes | Yes | Yes | No |
| Audit Trail | Yes | Yes | Yes | Yes | Yes |
| HIPAA Compliant | Yes | Yes | Yes | No | No |