The new requirement that started back in 2009 is part of the Mortgage Disclosure Improvement Act (MDIA) and implements new loan procedures to protect borrowers and foster greater transparency in mortgage lending.
Good Faith Estimate
If the Annual Percentage Rate on an initial Good Faith Estimate is no longer accurate at close of escrow, a lender must generally provide a Beacon Hill condo borrower with a new disclosure and a three day right to rescind before consummating the loan. Boston Realtors are forewarned that, because of this new three day waiting period, a lender’s failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.
If you are a Boston Beacon Hill Condo or Boston Midtown condo homeowner or if you are thinking about investing in Downtown Boston and have questions please contact us at 617-595-3712 or reach us via email at email@example.com