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News Now

Washington
Final rule analysis covers mortgage sales transfers notification rule
WASHINGTON (10/7/10)--The Credit Union National Association this month released a final rule analysis on a Federal Reserve rule that requires consumers to receive notice when their mortgage loan has been sold or transferred. Specifically, under the Fed rule, purchasers or assignees that acquire mortgage loans must provide the required disclosure in writing within 30 days after the loan has been sold, transferred, or assigned. The required disclosure must include the name, address, and telephone number of the new owner, the transfer date of the mortgage, the name, address, and telephone number of an agent or other party authorized to receive a rescission notice or resolve issues concerning the loan payments, if this differs from the owner, and the location where the transfer of ownership is recorded. This disclosure is not required if the transferee assigns its interest in the loan before the end of the 30-day period after the transferee acquires the loan. The purchaser or assignee would also avoid providing the disclosure if a partial interest in the loan is transferred and the party authorized to resolve issues regarding loan payments and to receive rescission notices does not change. The final rule will become effective on Jan. 1. For the full final rule analysis, use the resource link.


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