Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.


RSS print
News Now LiveWire
Learn how to stay competitive with new research blog from @CUNA's econ/statistics dept in Wed's #NewsNow
13 hours ago
#FOMC meeting watch: Change in forward guidance expected #Market #NewsNow http://t.co/PH41VN1j9l
15 hours ago
Member growth at #creditunion continues despite mill closure #NewsNow http://t.co/rNRjLBjvX9
17 hours ago
CA/NV league pres/CEO Dykstra in @sacbee_news: Retailers should hold accountability in data breaches http://t.co/odyHd9N2OG
18 hours ago
Fin. lit. ideas percolate during .@NW_Banking #tweetchat #NewsNow http://t.co/nSS9Iiw0e0
18 hours ago