Mortgage Disclosure Improvement Act (MDIA) amendments to the Truth in Lending Act (TIL) — also known as Regulation Z — that are designed to allow homebuyers adequate time to review specific information related to their loan.
Changes include:
• Initial TIL disclosure. A seven-business-day waiting period is now required between the delivery of initial disclosures and the signing of closing documents. This will eliminate the possibility of closing in less than seven business days unless the borrower faces a bona fide personal financial emergency.
• Up-front fee collection. Up-front fees cannot be charged until after the borrower receives the initial disclosures. If disclosures are mailed, the fee is charged the 4th business day after mailing. If disclosures are hand-delivered, the fee is charged the same day.
• Redisclosed TIL. If the interest rate or fees change, causing the APR to increase by more than 0.125% then a revised TIL must be sent to the borrower so that the customer receives it no fewer than three business days prior to closing. Each time the TIL is redisclosed, the waiting period starts over and could affect the original closing date. If the rate is in float status, a redisclosed TIL will not be provided each time there is an APR increase. Redisclosure should be sent, if needed, eight business days before the estimated closing date.
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Related Post: Southwest Las Vegas New Home Immediate Move-InsIf you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!
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