MDIA is the acronym for Mortgage Disclosure Improvement Act. This new law, enacted by Congress and enforced by the Federal Reserve, went into effect from July 31, 2009. The intent of this new law is to better inform borrowers and to prevent them from depositing appraisal fees prior to receiving the Good Faith Estimate and the Truth in Lending discloures from lenders and mortgage brokerage firms. To better inform borrowers is long overdue in the mortgage process, however, this new disclosure process will delay the mortgage process by at least a week. Therefore, mortgage loan officers and borrowers must work closely together to meet deadlines to close on time without incuring any extension fees on locked rates.