Thanks to Rudy Benitez of Lion's Gate Mortgage for this info on the same day funding removal.

As of 7/31/2009 SAME DAY FUNDINGS WILL BE REMOVED AND NOT AVAILABLE. Please see the breakdown below regarding the Truth in Lending document (APR%) that all borrowers receive when purchasing/refinancing a home. Simply put, if your title agency changes any fees after the buyer’s sign, this will delay the loan another 3 days before it can close. Now is the time to ensure that you use quality loan officers and title folks to ensure you avoid these delays. We prepared for this back in March so we are good to go. See below and Google MDIA for more details:

MORTGAGE DISCLOSURES IMPROVEMENT ACT (MDIA)
Flagstar would like to announce the compliance changes that will take effect when the Mortgage Disclosures Improvement Act (MDIA) becomes effective on July 30, 2009.

NEW COMPLIANCE REQUIREMENTS
The following compliance requirements regarding how and when the TIL must be disclosed will become effective for all loans with an application taken on or after July 30, 2009:
􀂾 There must be a seven business day waiting period between the date the initial TIL disclosure is provided to the consumer and signing of the loan.
􀂾 There must be a three business day waiting period between the date a final / re-disclosed TIL is received by the consumer and the disbursement of the loan.
􀂾 No fees, other than a bona fide credit report fee can be charged prior to the Initial TIL disclosure being provided.
􀂾 Both final / re-disclosed and initial TIL disclosures shall contain the following statement
"You are not required to complete this agreement merely because you have received these disclosures or signed a loan application."

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team!!