Complying with Disclosure Changes by July 30 Deadline
By Marsha Williams, Attorney, MRG
Regulation Z changes scheduled to take effect at the end of this month require disclosures for additional types of mortgage transactions and require waiting periods for a transaction to close. Since the deadline is quickly approaching, lenders must prepare for these changes now.
Regulation Z changes to implement the Mortgage Disclosure Improvement Act of 2008 (MDIA) become effective July 30, 2009, one year after MDIA was enacted. These regulatory changes expand provision of Truth in Lending (TIL) disclosures for mortgage transactions.
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