Which term is synonymous with the Mortgage Disclosure Improvement Act?

The term synonymous with the Mortgage Disclosure Improvement Act is the 3/7/3 Rule. This name comes from the specific timing requirements established by the Act regarding the delivery of disclosures to mortgage applicants. Under the Mortgage Disclosure Improvement Act, lenders are required to provide a Loan Estimate to borrowers within three business days after receiving the application. The "3" in the term refers to this three-day requirement.

Following the initial three-day period, borrowers must receive another disclosure at least seven days before closing. This second "7" signifies the time frame for ensuring that borrowers have adequate notice prior to loan consummation. Therefore, the "3/7/3" nomenclature explicitly captures the timing aspects mandated by the legislation, making it an apt synonym for the Act. Other terms may refer to general regulations or guidelines but do not specifically encapsulate the essence of the 3/7/3 timing requirements set forth by the Mortgage Disclosure Improvement Act.