Todd R. Pajonas, a lawyer, and Matthew K. Scheriff, a CPA, write that recent legislation is well intended to help safeguard the consumer. However, they warn that many clients are still focused on "how quickly can I close," and therefore, lenders, attorneys and closing agents will have to be well versed in the additional disclosure requirements and time periods in order to avoid closing delays and to remain in compliance with the new legislation.
September 02, 2009 at 12:00 AM
1 minute read
“The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’”
These words were uttered by our 40th President, Ronald Reagan, to a group of Future Farmers of America in 1988. Regardless of your political party affiliation, the Mortgage Disclosure Improvement Act of 2008 (MDIA), which has now taken effect for mortgage applications taken on or after June 30, 2009, illustrates the ways in which the government sometimes “helps” us.
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