The Federal Reserve Board on Monday approved an interim final rule that requires mortgagees to alert borrowers when their loan has been sold or transferred. A purchaser or assignee that acquires a mortgage loan must provide the required disclosures in writing within 30 days.

This new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009, according to the Fed. To provide compliance guidance and greater certainty on the new requirements, the central bank has included this same statute as an amendment to Regulation Z of the Truth in Lending Act (TILA).

The interim final rule concerning borrower notification is effective upon publication. However, to allow time for any necessary operational changes, compliance with the interim final rule is optional for 60 days, the Fed said. During the 60-day period, parties that acquire a mortgage loan continue to be subject to the statute’s requirements.

The Board is also soliciting comment on the interim rule for 60 days before considering the adoption of a permanent rule.