Closings
Position Yourself, Protect Your Closing Date
Thursday, August 6th, 2009
The Mortgage Disclosure Information Act (MDIA), a government regulation introduced on July 30, 2009, requires all mortgage lenders to provide Truth in Lending (TIL) disclosures to borrowers according to a defined schedule. While the regulation gives borrowers additional time to review their mortgage documents prior to closing, buyers and sellers may have to push closing dates back to comply with the mandatory waiting periods imposed by this regulation.