New Program Improves Mortgage Transparency
U.S. Newswire, June, 2009
To: REAL ESTATE EDITORS
Contact: Karmela Lejarde of MERS, 1-703-761-1274, KarmelaL@mersinc.org
RESTON, Va., June 9 /PRNewswire-USNewswire/ --In support of new federal legislation designed to assist homeowners in staying in their homes, MERSCORP, Inc. (MERS) has unveiled a new program that will inform borrowers of changes to the owner of their loan, bringing greater transparency and accountability to the mortgage lending process.
The Helping Families Save Their Homes Act of 2009, signed by President Obama on May 20, 2009, amends the Truth in Lending Act (TILA)and requires that, when a loan secured by the primary home of the borrower is sold, transferred or assigned, the new owner of the loan notify the borrower in writing of the transfer of ownership within...
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