Reg Z (R-1378) NFRM Press Release

Printer Version - Board of Governors of the Federal Reserve System

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Press Release

Release Date: August 16, 2010
For immediate release
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.
Attachment (148 KB PDF)
* This press release was corrected to reflect the correct mandatory compliance date of January 1,
2011. Return to text

http://www.federalreserve.gov/newsevents/press/bcreg/20100816c.htm

8/17/2010