What is Mdia?
Keeping this in consideration, what is the Mortgage Disclosure Improvement Act?
Mortgage Disclosure Improvement Act. MDIA requires early, transaction specific disclosures for mortgage loans secured by dwellings other than the consumer's principal dwelling and requires waiting periods between the time when disclosures are given and consummation of the mortgage transaction.
Likewise, what is the APR tolerance? That section incorporates the statutory APR tolerances of 1/8 of 1 percent for regular transactions and ¼ of 1 percent for irregular transactions. Under the statutory tolerances, the disclosed APR is deemed to be accurate if it is above or below the actual APR by no more than the applicable percentage.
In this manner, what constitutes a bona fide personal financial emergency?
The imminent sale of the consumer's home at foreclosure, where the foreclosure sale will take place unless loan proceeds are made available to the consumer during the waiting period, is one example of a bona fide personal financial emergency.
What does respa mean in real estate?
Real Estate Settlement Procedures Act