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The Federal Reserve, the central bank of the United States, provides the nation with a
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Home > News & Events > Press Releases

Press Release
August 16, 2010

Federal Reserve announces final rules regarding
consumer notification of mortgage loan sales or
transfers
For immediate release
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The Federal Reserve Board on Monday announced final rules to
implement a statutory amendment to the Truth in Lending Act requiring
that consumers receive notice when their mortgage loan has been sold
or transferred. The new disclosure requirement became effective in May
2009, upon enactment of the Helping Families Save Their Homes Act.
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 Board published interim rules in November 2009,
which were effective immediately. To allow covered parties time to make
any necessary operational changes, they may continue to follow the
November 2009 interim rules until the mandatory compliance date for
the final rules, which is January 1, 2011.*
Consumers can learn more about mortgage transfer disclosures by
accessing a new online publication, "What You Need to Know: New
Rules for Mortgage Transfers." It explains what consumers can expect
from their mortgage lenders regarding notification of mortgage transfers.
Federal Register notice: HTML | 103 KB PDF

* This press release was corrected to reflect the correct mandatory compliance date of
January 1, 2011. Return to text

Last Update: August 16, 2010

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