Under Regulation Z, how many days does the entity that buys or takes assignment of the loan have to provide notice of sale or transfer to the borrower?

According to Regulation Z, the correct timeframe for the entity that purchases or receives an assignment of a loan to deliver a notice of sale or transfer to the borrower is 30 days. This requirement is designed to ensure that borrowers are promptly informed about changes in the ownership of their loan, enabling them to maintain clear communication regarding their mortgage obligations. Providing timely notice also supports the borrower’s ability to manage payments effectively and understand whom to contact regarding their loan, which is essential for consumer protection. This 30-day requirement promotes transparency in lending practices and reinforces the borrower's rights in these transactions.