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” any more. 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 many not realize is that both of the requirements created by MDIA were written into the existing TRID rule. 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!
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!