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Revised Colorado Tangible Net Benefit form required on all Colorado loans effective January 1, 2015

Published: December 11, 2014

At the September 17, 2014, Board of Mortgage Loan Originators meeting, the Board adopted changes to the Colorado Tangible Net Benefit (TNB) Disclosure Form. The revised form was simplified and reduced to a one page (letter size) disclosure. The content was not substantively changed. However, unnecessary legal citations were removed and the disclosure was reorganized to a more user-friendly format. As a reminder, mortgage loan originators have a duty to not recommend or induce borrower(s) to enter into a transaction that does not have a reasonable, tangible net benefit to the borrower(s), pursuant to section 12-61-904.5(1)(a), C.R.S. Additionally, Board rules require the TNB disclosure to be completed with the borrower(s) at time of loan application and provide copies of completed disclosures to all borrowers within three (3) business days after receipt of a loan application or any moneys from a borrower. Alternative disclosures are acceptable if they include all information required on the suggested form, as determined by the Board. The revised TNB disclosure may be used effective January 1, 2015.

Board rule 8.5 requires all Colorado mortgage companies to comply with any rules, policies and procedures relating to the submission of a Mortgage Call Report that are prescribed by the NMLS. Changes to the Mortgage Call Report will be occurring in the first quarter of 2015 and the first quarter of 2016. Please click here to view the response to comments posted on the NMLS Resource Center regarding the changes to the MCR.

For more information, contact:

Colorado Division of Real Estate
www.dora.colorado.gov/dre
(303) 894-7855 or (800)-886-7675