Frequently Asked Questions
What is a 404 Notice and why did I receive one?
Section 404 of the Helping Families Save Their Homes Act of 2009 requires mortgage purchasers to notify borrowers in writing of the sale, transfer, or assignment of their mortgage loan. If you received a 404 notice, Onslow Bay Financial LLC (“Onslow Bay”) has purchased your mortgage loan. Onslow Bay may own your loan, but it does not perform the actual servicing activities associated with any residential mortgage loans. Onslow Bay has contracted with third party servicers to perform the day to day servicing of your loan, including but not limited to customer service and payment processing.
Do I need to take action on this notice?
No. This notice requires no action on your part. The purchase or sale of your mortgage does not affect any terms or conditions of the mortgage, deed of trust, or note. The notification letter is for informational purposes only.
Should I send mortgage payments to Onslow Bay Financial LLC?
No, please follow the instructions on your monthly mortgage statement for information on where to send your payments.