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#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?

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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.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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#1211702 - 07/02/09 09:25 PM Re: May 20th new disclosure for TILA Reads Regs
ktac MITCH Offline
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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 ..."
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