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Mortgage Disclosure Improvement Act (MDIA). Jane E. Stentz, M.A. Assistant Vice President Underwriting & Operations. MDIA Description . Amendment to Truth in Lending Act Affects disclosure rules for all written consumer loan applications secured by a dwelling and subject to RESPA.

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Mortgage Disclosure Improvement Act (MDIA)

Jane E. Stentz, M.A.

Assistant Vice President

Underwriting & Operations


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MDIA Description

  • Amendment to Truth in Lending Act

  • Affects disclosure rules for all written consumer loan applications secured by a dwelling and subject to RESPA.

  • Truth-in-Lending disclosure statement must state "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application."

  • Generally intended to allow consumers a 7 day time period to think over loan commitments.


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MDIA Basics

  • A business day is all calendar days except Sundays and legal public holidays.

  • PTIL must be given within 3 business days of application.

  • No fee may be collected before consumer receives PTIL.

  • Disclosures must be delivered (or placed in mail) no later than 3rd business day after application.

  • 7 day waiting period starts when disclosures are delivered (or placed in mail).



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