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Calling all realtors - Closing Issues & Time is of the Essence... - The MDIA issue (Mortgage Disclosure Improvement Act)
 
Mortgage Disclosure Improvement Act
 

Feeling the blues after hearing about the Mortgage Disclosure Improvement Act? (MDIA)  For those that haven't heard, this act is part of the Reinvestment & Recovery Act of 2009.
The MDIA became effective on July 30th, 2009. Here are a few highlights of the act that could delay real estate closings in the near future.
The borrower must receive a good faith estimate and a truth in lending disclosure within 3 days of a mortgage application. (but this had already been in place by RESPA laws a long time ago) The earliest a transaction can close is 7 days after the initial dis-closers have been issued by the lender. This is assuming that no re-disclosures are needed. There has to be final disclosures sent if : if the APR is more or less than 0.125% of the original disclosures and or if the loan terms have changed. This has to happen after 3 days have passed prior to the closing date.  
 
 
 

Sounds like time is of the essence and that we all need to be on the same page.  Gerry Suarez wrote about the MDIA - What the Mortgage ... more

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