New Respa Disclosure Affect All- July/30/2009

The Mortgage Disclosure Improvement Act (MDIA), passed last year and amended by the Emergency Economic Stabilization Act (EESA) in October, 2008, calls for a number of changes to Truth in Lending disclosures. Even though many of these changes were already on deck for an October, 2009 implementation date due to other legislative and regulatory changes, the urgency with which the government approached the MDIA and EESA led to an earlier implementation date for these key changes.

All loan originators are affected, whether lenders or brokers. You can double check that your compliance procedures and disclosures are compliant by reviewing this summary (http://www.allregs.com/ealerts/updates090526_MortgageDisclosureImprovementAct-2MonthsEarly.htm?contactID=93417691) or the Final Rule as published in the Federal Register (http://www.federalreserve.gov/reportforms/formsreview/RegZ_20090519_ffr.pdf).