4 CCR 725-3-5.8 - Tangible Net Benefit Disclosure Form
The Board developed a disclosure form regarding reasonable, tangible net benefit. Alternate disclosures are acceptable if they include all information required on the suggested form, as determined by the Board.
A. The Tangible Net Benefit
Disclosure Form must be disclosed within three (3) Business Days after receipt
of a loan Application.
B. The
Tangible Net Benefit Disclosure will also be completed prior to or at the
closing if the reasonable, tangible net benefit has changed.
C. The Tangible Net Benefit Disclosure must
be signed by both the Mortgage Loan Originator and the borrower(s).
D. Mortgage Loan Originator must be able to
provide proof to the Board or an authorized representative of the Board that
the disclosure forms as set forth in this Rule were provided to the borrower
within three (3) Business Days after receipt of a loan Application or prior to
or at closing if any subsequent changes to any loan terms requiring
re-disclosure.
Notes
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