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.

Waiting Periods:
Closing documents cannot be signed earlier than seven days after the initial TIL has been issued.

If the annual percentage rate on subsequent revised TIL changes more than the limits of the regulation, then there is an additional three day waiting period to close from when the borrower receives the revised TIL.

Work with settlement providers who are familiar with each other to streamline your home buying process.

Choose a closing date that allows sufficient time for waiting periods.

Contact a William Raveis Executive Mortgage Banker to understand how you can avoid some common pitfalls and meet your closing dates.