The Mortgage Disclosure Improvement Act of 2008 (“MDIA”) is part of the Housing and Economic recovery Act of 2008. (“HERA”) and amends the Truth In Lending Act. Effective July 30, 2009, ALL lenders, whether a bank or mortgage banking firm, must comply with the new requirements that impacts the timelines of when updated disclosures are reissued and the receipt of signed acknowledgements of the disclosures. Changes in the costs of a loan by as little $50, may trigger re-disclosure of the terms and costs of the loan with new timelines that must be adhered to. The new amendment might impact escrow closing dates and rate lock periods.