Arizona Association of Mortgage Brokers - On July 30, 2009 guidelines under the Mortgage Disclosure Improvement Act (MDIA) released by the Federal Reserve Board will go into effect. This is two months earlier than the original date.
This new law will affect your business in the following areas:
the collection of upfront fees from borrowers
- new 3-day and 7-day regulations regarding the Truth-in-Lending Statement (TIL)
These are important changes and will soon become the law of the land. Be sure to familiarize yourself with MDIA and change your internal systems accordingly.
Here is a summary of the new law, from AllRegs, and here is a copy of the Mortgage Disclosure Improvement Act.
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