The Mortgage Disclosure Improvement Act of 2008 requires lenders to give transaction-specific estimates of mortgage loan costs within three business days after receiving a consumer mortgage loan application. These early disclosures must be given prior to collecting any fees from the consumer other than a credit report fee. The MDIA also provides for a waiting period of seven days between the mortgage cost disclosures and the closing of the loan. The MDIA was effective beginning July 20, 2009. Click here for a more detailed description of the MDIA, and contact a member of Dickinson's Banking Law Group if you have questions about compliance with the MDIA.
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Tuesday, August 04, 2009
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Very good and accurate summary of the MDIA. This will be an interesting addition to the mortgage changes that are here - and the ones yet to come down the stream.
http://www.desmoinesiamortgage.com
Posted by: David Baker | Wednesday, August 05, 2009 at 11:08 AM