Mortgage Disclosure Improvement Act (MDIA) Jane E. Stentz, M.A. Assistant Vice President Underwriting & Operations MDIA Description • Amendment to Truth in Lending Act • Affects disclosure rules for all written consumer loan applications secured by a dwelling and subject to RESPA. • Truth-in-Lending disclosure statement must state "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application." • Generally intended to allow consumers a 7 day time period to think over loan commitments. MDIA Basics • A business day is all calendar days except Sundays and legal public holidays. • PTIL must be given within 3 business days of application. • No fee may be collected before consumer receives PTIL. • Disclosures must be delivered (or placed in mail) no later than 3rd business day after application. • 7 day waiting period starts when disclosures are delivered (or placed in mail). Questions?