mortgage disclosure improvement act: NEW CHANGES IN THE MORTGAGE INDUSTRY
- 07/25/09 07:05 AM
While the government tries to improve consumer protection for buyers and people refinancing their mortgages, they also raise the cost and aggravation for everyone involved in the transaction. Realtors should anticipate higher costs on everyone's good faith estimate to offset the misguided way the government is trying to protect buyers from unscrupulous brokers and lenders. Their intent is great, the execution not so good. The new rules under the Mortgage Disclosure Improvement Act (MDIA) go into effect July 30th. Among other things, these rules require a minimum 3 business day waiting period to sign documents after the truth in lending Annual Percentage Rate (APR) is … (3 comments)
While the government tries to improve consumer protection for buyers and people refinancing their mortgages, they also raise the cost and aggravation for everyone involved in the transaction. Realtors should anticipate higher costs on everyone's good faith estimate to offset the misguided way the government is trying to protect buyers from unscrupulous brokers and lenders. Their intent is great, the execution not so good.;)
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