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New Reg Z requirements effective July 30.

The Federal Reserve Board on May 8 approved revisions to its Regulation Z mortgage disclosure requirements that implement provisions of the July July: see month.  2008 Mortgage Disclosure Improvement Act.

The revisions go into effect for dwelling-secured mortgage loan applications received on or after July 30, 2009.

Under the MDIA MDIA Mount Diablo Interpretive Association (San Francisco Bay Area)
MDIA Middle Development Inspection Agencies
, lenders are required to provide good-faith estimates of mortgage loan costs, called early disclosures, within three business days after receiving a mortgage loan application and before any fees are collected from the consumer, other than a reasonable credit check fee.

The rules also enact MDIA rules that impose a seven business day waiting period between the early disclosure and closing date. Additionally, lenders must provide new disclosures, including a revised annual percentage rate if the existing interest rate significantly changes between the time the early disclosure is provided and the closing date.

CUNA Cuna

Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power.
 will examine the final rule to determine whether concerns the trade group addressed in its comment letter have been addressed, said Assistant General Counsel Jeffrey Bloch Bloch , Konrad Emil 1912-2000.

German-born American biochemist. He shared a 1964 Nobel Prize for research on cholesterol and fatty acid metabolism.
. CUNA had suggested the timing restrictions be relaxed if the changed APR APR

See: Annual Percentage Rate
 resulted in an interest rate reduction and that the Fed replace the two definitions of "business day" that were in the proposed rule with a single definition.
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Publication:Credit Union Times
Date:May 27, 2009
Words:205
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