Mortgage Disclosure Improvement Act

You are sitting at the closing table and you realize that the amount needed for closing is a few hundred dollars more than you had anticipated. More then what was shown on your Good Faith Estimate that you received at loan application.  What are you going to do?  Go ahead and sign the papers and forget it; go ahead and sign the papers and worry about it later?  Should I make a big deal about this?

Effective July 30,2009, everything on loan cost disclosure changed for the consumers and the real estate agents.  The Truth in Lending Act (TILA) disclosure requirements in accordance with the Federal Reserve Board Truth in Lending Regulation, Reg Z, has become the Mortgage disclosure Improvement Act (MDIA).  This act will help consumers understand the loan they have received and the fees that go with it.  In the past, it was not uncommon for new fees/costs to be added after the initial loan application.  This Act will alert consumers of changes prior to closing.

Tags: Buying a home in Lynchburg, Mortgage Disclosure Improvement Act, Selling a home in Lynchburg, The Truth in Lending Act

Posted on Thursday, December 10th, 2009 at 10:05 am and is filed under Buy a House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.