May 20th new disclosure for TILA

Posted By: liventhedream

May 20th new disclosure for TILA - 07/02/09 08:28 PM

Could someone help me determine what TILA notice went into effect on May 20, 2009?
Posted By: Reads Regs

Re: May 20th new disclosure for TILA - 07/02/09 09:06 PM

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.
Posted By: ktac MITCH

Re: May 20th new disclosure for TILA - 07/02/09 09:25 PM

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 ..."