To amend the Truth in Lending Act to create additional requirements for original and new creditors of mortgage loans in the case of a sale, transfer, or assignment of a mortgage loan, and for other purposes.
Mortgage Sale Transparency Act of 2017 This bill amends the Truth in Lending Act to require in the event of a mortgage loan sale, transfer, or assignment to another creditor: (1) notice of the transfer to the borrower from the original creditor, (2) exemption from liability for the borrower in the event of an error in the transfer, and (3) a 90-day grace period for loan payments made by the borrower to the wrong lender.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Introduced in House
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Consumer creditHousing finance and home ownership
To amend the Truth in Lending Act to create additional requirements for original and new creditors of mortgage loans in the case of a sale, transfer, or assignment of a mortgage loan, and for other purposes.
USA115th CongressHR-3538| House
| Updated: 7/28/2017
Mortgage Sale Transparency Act of 2017 This bill amends the Truth in Lending Act to require in the event of a mortgage loan sale, transfer, or assignment to another creditor: (1) notice of the transfer to the borrower from the original creditor, (2) exemption from liability for the borrower in the event of an error in the transfer, and (3) a 90-day grace period for loan payments made by the borrower to the wrong lender.