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LL 05-09: New Notice of Transfer of Mortgage Loan Ownership

The Helping Families Save Their Homes Act of 2009 requires that borrowers be notified when their mortgage debt has been sold, transferred, or assigned to a new creditor.  The notice must be provided within 30 days of the sale, transfer, or assignment, and must include information about the new creditor, the date of transfer, how to reach a party having authority to act on behalf of the new creditor, and recordation of the debt.  According to Fannie Mae Lender Letter 05-2009, Fannie Mae has elected to provide this notice to borrowers when it purchases or securitizes a mortgage loan.  Fannie Mae will begin sending these notices on or before June 19, 2009 for loans acquired on or after May 20, 2009.

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