H.R. 3538 · 115th Congress
Mortgage Sale Transparency Act of 2017
- Stage
- In committee
- Sponsor
- Bobby Rush
- Introduced
- 2017-07-28
- Latest action
- 2017-07-28 · Introduced in House
Summary
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.