TRID Guidelines: What is MDIA?

TRID guidelines: We get a LOT of searches on our website for information regarding MDIA. It always catches us off guard because MDIA really isn’t a “thing” anymore. MDIA stands for the Mortgage Disclosure Improvement Act and it went into effect on July 30, 2009.  In short, it brought us the seven-business day wait to close and the requirement to re-disclose an inaccurate APR at least three business days prior to closing for consumer, closed-end, dwelling-secured loans. These changes caused quite a stir at that time.

Fast forward to 2013 and the issuance of a Final Rule for the Integrated Mortgage Disclosures (TRID) under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), which took effect on October 3, 2015.  These rules completely changed the disclosure requirements for consumer-purpose, closed-end loan applications secured by real property (aka dirt).

What some may not realize is that both of the requirements created by MDIA were written into the existing TRID guidelines. Thus, MDIA is really a moot issue at this point.  Here is a blog we put out a few years back, that explains this in more detail.

Want to learn more about the TRID requirements?  If so, we have a wide variety of webinars available now OnDemand.  From TRID Construction Loans, TRID for Beginners, Auditing TRID and TRID Changed Circumstances, we’ve got you covered. Also, be sure to check out our three-part webinar series, “TRID From A – Z”, beginning on November 2nd!


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