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Complying with the Mortgage Disclosure Improvement Act (MDIA)

Online mortgage training from AllRegs.

This title is one of the many courses available in the AllRegs Education Package site-based subscription program!

Learn more about the AllRegs Education Package, AllRegs Education Enterprise Package, Branded University and Content Licensing.

The Mortgage Disclosure Improvement Act, enacted by the Fed as an amendment to the Truth in Lending Act (TILA), became effective in July 2009 and applies to any Mortgage loan applications taken on or after July 30, 2009. Since its inception, there have been a number of clarifications to the Act that impact how mortgage disclosures should look, as well as when mortgage disclosures are sent.

With so many mortgage regulations being introduced or updated, understanding the requirements of each of them becomes even more critical. It is with that in mind that AllRegs Academy presents Complying with the Mortgage Disclosure Improvement Act (MDIA).

This 60-minute, self-study online course provides clarification on the requirements of the Act, outlines the requirement of creditors to give early disclosures before the collection of fees and reviews the specific waiting periods prior to closing a loan.  Students will learn how changes to the Annual Percentage Rate (APR) may affect the need for re-disclosure, explain how MDIA amends the Truth in Lending Act and learn how to address early disclosure rules, disclosure format and delivery methods.  Additionally, the course will review a recent change to how lenders are now required to disclose mortgage payments and terms.

Learning Goals & Objectives

Upon completion of the course, students will be able to:

  • List which loans are covered the MDIA
  • Recognize when an application has been taken
  • Determine disclosure format and delivery
  • Identify re-disclosure requirements
  • Describe servicing requirements

Course Agenda

  • MDIA Overview
  • MDIA Coverage
    • RESPA covered loans
    • First and Junior liens
    • Home refinance loans
    • Home Equity loans
    • Construction-to-Perm
  • Not Covered by MDIA
    • Open-end HELOC
    • Timeshare loans
    • Construction only loans
    • Open-end loans
    • Bridge or swing loans
  • Comparison
  • What is an application?
  • Interest Rate and Payment Table
    • Fixed Rate
    • ARM
    • Interest Only
    • Negative Amortization
    • Balloon Mortgages
  • No Guarantee
  • Clear and Conspicuous
  • The initial estimated disclosure
  • Business Days
  • Fee Collection
  • Penalties
  • Holidays
  • Who receives a disclosure
  • Disclosure delivery
  • Case studies
  • Re-disclosure or New Application
  • Waivers
  • Servicing Rules

Target Audience

Loan Operations Staff, including:

  • Compliance and QC personnel
  • Loan Originators
  • Underwriters
  • Processors

Course Delivery

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles, real world examples, and, where appropriate, video and/or audio recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. While course completion time varies per student, it will take approximately one hour to complete most courses.

Students have 12 months from the registration date to complete the course. Upon successful completion of the course, students can download their industry-recognized certificate of completion and transcript.

Learn more about the AllRegs Education Package, AllRegs Education Enterprise Package, Branded University and Content Licensing.

*Restrictions apply. If your staff size exceeds 250, please consider the Enterprise AllRegs Education Package.
**Excludes SAFE Act Continuing Education Courses, the Fraudulent Identity Document Library Courses and FICO Pro Certification courses, including the FICO Credit Scores course.

For more information or to register by phone, call your Regional Account Executive
at (800) 848-4904 or email sales@allregs.com.