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.
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