On July 30, 2009, a new law is being implemented by loan regulators, which has increased disclosure requirements for lenders. It is called the Mortgage Disclosure Improvement Act. (MDIA) The intent of this bill is to tighten up lender disclosures (from application to closing), so there will be no surprises while signing the closing loan documents. While the goals of this rule seem laudable, it may have some unforeseen consequences. Read the rest of this entry »
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