FinanceIntermediateDelaware Exam
What is the Mortgage Disclosure Improvement Act (MDIA) most directly associated with?
ARequiring lenders to wait 3 days before loan closing after providing initial disclosuresCorrect
BSetting maximum mortgage interest rates
CRequiring homebuyer counseling for FHA loans
DEstablishing the CFPB as a regulatory authority
Why Requiring lenders to wait 3 days before loan closing after providing initial disclosures Is Correct
Answer A: Requiring lenders to wait 3 days before loan closing after providing initial disclosures
The Mortgage Disclosure Improvement Act requires lenders to provide certain Truth-in-Lending disclosures at least 3 business days before loan consummation and at least 7 business days before closing after the initial disclosure.
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