The mortgage disclosure improvement act gives applicants a three-day waiting period to review and approve the loan estimate and closing disclosure form. unset starred question.
The Mortgage Disclosure Improvement Act, or MDIA, becomes effective on July 30, 2009. For consumer, closed-end, dwelling-secured loans, it essentially resulted in the necessity to re-disclose an erroneous APR at least three business days before closing and the seven-business-day wait to close.
No later than three days after applying, a disclosure of a good faith estimate of costs must be made. This means that a creditor has three business days generic meaning from the time the creditor receives a consumer's application to produce or mail the early disclosures for any mortgage loans covered by RESPA.
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