If you are thinking about purchasing a new home and haven’t filled out your mortgage application prior to July 31st, 2009, you need to understand the new rules in the “Mortgage Disclosure Improvement Act” (MDIA), which is part of the “Truth in Lending Act” (TILA). There are mandatory waiting periods on disclosures for borrowers that must be met prior to collecting fees, setting closing dates and appraisal review periods. It is critical to meet these requirements so you won’t pass your settlement deadline and be in default!
Some good sources I found on this topic were Taylor Bean & Whitaker website, and Rain City Guide.
Read the MDIA in full here.
