There is a new regulation implemented last July 30, 2009 called the Mortgage Disclosure Improvement Act (MDIA). The said act has affected everyone in the real estate industry. It is essential that everyone is aware of this to avoid confusion and to serve the borrowers well. The new rules set by the MDIA are to ensure protection to borrowers. This is to avoid problems incurred in the past.
The MDIA-Mortgage Disclosure Improvement Act of 2008 was implemented as a way to protect consumers during mortgage loan transactions. One of the most profound effects that the MDIA has had on consumers is that it has provided more time before the closing of a mortgage loan. At any time during the mortgage loan transaction, consumers are given the right to cancel and back out.
When buying a new home or even when just thinking about it, you should arm yourself with as much information. Do a bit of research and you will surely get the best in the world of real estate.
The Federal Reserve conclude amendments to the Truth in Lending Act of 1968 in May of 2008, and some of the provisions took effect in July of 2009 through the Mortgage Disclosure Improvement Act. Regulations that were already in place were too flexible, even though lenders were already required to provide disclosure as to the fees and costs involved with a mortgage loan.
Print This Article
Add To Favorites