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?