Mortgage Disclosure Improvement Act (MDIA) - What's New?

Mortgage Lenders Must Provide Homes Buyers Information and Home Buyers Have Additional Time to Review

The Mortgage Disclosure Improvement Act (MDIA) is intended to protect consumers and make it easier for them to understand Truth in Lending (TIL) rules. 

The MDIA rules describe:

  • Fees that can be collected before a lender provides an initial  TIL disclosure
  • When the lender must deliver TIL disclosures
  • Waiting periods that give customers more time to fully review and understand the loan disclosures

The Waiting Periods can be summarized using a 3/7/3 summary:

  1. 3 business days after receiving the customer’s application, the lender must provide an initial TIL
  2. 7 business days after the lender delivers/mails the initial TIL = the earliest possible closing date
  3. 3 business day additional waiting period prior to closing—ONLY IF the APR increases by more than 0.125%, requiring a revised TIL for customer review


There are a number of reasons why the APR may increase by more than 0.125%:

  • Changes in interest rates
  • An increase in the loan amount
  • A change in the type of loan
  • An increase in fees charged
  • A change in the loan-to-value

The professionals at Homes in the Piedmont specialize in Rock Hill SC Real Estate and Fort Mill SC Real Estate.  We can assist our buyer clients in locating the York County SC Mortgage Partner who meets their needs. 

To learn more contact Homes in the Piedmont at 803.985.3030, or review other articles about new Federal Regulations like HVCC.

Elaine Whitton Davis
Elaine Whitton Davis
1602 Ebenezer Road Rock Hill SC 29732