View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Advanced

Search
About
the Fed

News
& Events

Monetary
Policy

Supervision
& Regulation

Payment
Systems

Economic
Research

Data

Consumers
& Communities

Board of Governors of the Federal Reserve System
The Federal Reserve, the central bank of the United States, provides the nation with a
safe, flexible, and stable monetary and financial system.

Home > News & Events > Press Releases

Press Release
November 16, 2009

Federal Reserve approves interim final rule
requiring notice be given to consumers when
their mortgage loan is sold or transferred
For immediate release
Share

The Federal Reserve Board on Monday approved an interim final rule to
implement a recent statutory amendment requiring that notice be given
to consumers when their mortgage loan has been sold or transferred.
The new disclosure requirement became effective immediately upon
enactment of the Helping Families Save Their Homes Act in May, 2009.
Under that Act, a purchaser or assignee that acquires a mortgage loan
must provide the required disclosures in writing within 30 days.
To provide compliance guidance and greater certainty on the new
requirements, the interim final rule, revising Regulation Z (Truth in
Lending Act), is effective upon publication. However, to allow time for
any necessary operational changes, compliance with the interim final
rule is optional for 60 days. During the 60-day period, parties that
acquire a mortgage loan continue to be subject to the statute's
requirements.
The Board is also soliciting comment on the interim rule for 60 days
before considering the adoption of a permanent rule.
The Board's notice is attached.
Federal Register notice: HTML | 88.7 KB PDF

Last Update: November 16, 2009

BOARD OF GOVERNORS
of the FEDERAL
RESERVE SYSTEM
About the Fed
News & Events
Monetary Policy
Supervision & Regulation
Payment Systems
Economic Research
Data
Consumers & Communities
Financial Stability

TOOLS AND
INFORMATION

STAY CONNECTED

Contact
Publications
Freedom of Information (FOIA)
Office of Inspector General
Budget & Performance | Audit
No FEAR Act
EspaƱol
Website Policies | Privacy
Program
Accessibility

BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM
20th Street and Constitution Avenue N.W., Washington, DC 20551