What does the Housing Act Require?
To protect borrowers, the National Affordable Housing Act requires lenders or services to do the following: Provide a disclosure statement. The disclosure statement says whether the lender intends to sell the mortgage servicing immediately; whether the mortgage servicing can be sold at any time during the life of the loan; and the percentage of loans the lender has sold previously. The lender also must provide information about servicing procedures, transfer practices, and complaint resolution. If you have a face-to-face interview with a lender, you must receive the disclosure statement at the time of the loan application. If you apply for a loan by mail, the lender has three business days to send you the disclosure statement after receiving your application. Without a signed disclosure statement, the lender cannot fund a mortgage for you. Give proper notification when the loan servicing is going to be sold. If your current service plans to sell your loan servicing, you must be notifie
Related Questions
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