To amend the Truth in Lending Act to require servicers to provide responses to mortgagors requesting residential mortgage loan refinancing, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Stopping Ongoing Lender Delays Act'' or the ``SOLD Act''.
SEC. 2. TRUTH IN LENDING ACT AMENDMENTS.
Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting before section 130 (15 U.S.C. 1640) the following new section:
``SEC. 129I. RESPONSES REQUIRED FOR MORTGAGOR REQUESTS FOR REFINANCING.
``(a) In General.-- ``(1) Written response to mortgagor requests required.-- ``(A) In general.--Each servicer shall respond in writing to a mortgagor of a residential mortgage loan who has submitted a written request that meets the requirements of subsection (b), not later than the end of the 30-calendar day period beginning on the date of receipt of such request, subject to paragraphs (2) and (3). ``(B) Applicability.--Subparagraph (A) shall apply, except as provided in subsection (b), and notwithstanding any other provision of law or of any contract, including a contract between a servicer of a residential mortgage loan and a securitization vehicle or other investment vehicle. ``(2) Content.--A written response by a servicer under paragraph (1) shall specify-- ``(A) a decision on whether such request has been denied or approved, or that such request has been approved subject to specified changes; or ``(B) that additional...