The Federal Reserve Board has been busy polishing requirements for mortgage loans under Regulation Z (Truth in Lending). The results are changes that are affecting financial institutions’ lending processes.
The new revisions implement the Mortgage Disclosure Improvement Act (MDIA) enacted in July 2008. The MDIA seeks to ensure that consumers receive cost disclosures earlier in the mortgage process, and compliance was mandatory for loan applications received on or after July 30, 2009.
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