Mortgage Disclosure Improvement Act

The Mortgage Disclosure Improvement Act (MDIA) is a U.S. law aimed at improving transparency in mortgage lending. It requires lenders to provide borrowers with clear information about loan terms, interest rates, and closing costs early in the process. This increased disclosure helps consumers make informed decisions before committing to a mortgage. The MDIA also mandates that borrowers receive a revised estimate of their loan terms three days before closing, giving them time to review any changes. Overall, it enhances consumer protection and promotes transparency in the mortgage industry.