Mortgage Disclosure Improvements Act (MDIA)

The Mortgage Disclosure Improvements Act (MDIA) is a law designed to ensure that borrowers receive important information about their mortgage loans early in the process. It requires lenders to provide clear and timely disclosures regarding loan terms, costs, and potential changes. This helps consumers make informed decisions and better understand their financial commitments. The MDIA sets specific timelines for delivering these disclosures and mandates certain waiting periods before a loan can close, promoting transparency and reducing the risk of surprises at the closing table. Overall, it aims to protect consumers in their mortgage transactions.