Skip to content
Thread Options
#1211658 - 07/02/09 08:28 PM May 20th new disclosure for TILA
liventhedream Offline
100 Club
Joined: Mar 2006
Posts: 180
Could someone help me determine what TILA notice went into effect on May 20, 2009?

Return to Top
Lending Compliance
#1211689 - 07/02/09 09:06 PM Re: May 20th new disclosure for TILA liventhedream
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,294
The Helping Families Save Their Homes Act (S 896) was signed into law on 5/20/09. Section 404 included an amendment to the Truth In Lending Act (TILA). It created a new section 131(g) of TILA and it amended section 130(a) of TILA.

See this thread .

The notice had to be sent for any loans sold on or after 5/20/09. The notice has to be sent no later than 30 days after the sale. So the earliest a notice would have been required was 6/19/09.

See this thread for information about the sample notice Fannie Mae will send if you sell loans to them. Freddie Mac has said it will send a notice when it buys loans but they have not yet posted samples.
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

Return to Top
#1211702 - 07/02/09 09:25 PM Re: May 20th new disclosure for TILA Reads Regs
ktac MITCH Offline
Diamond Poster
ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
Just to add - The requirement is that the Purchaser sends a notice; the seller has nothing new to do.
"... the New Owner or Assignee of the debt shall notify the borrower in writing of such transfer ..."
My opinions are just that, and might be worth what you paid for them.

Return to Top

Moderator:  Andy_Z