Cx13190 and Cx16407 are given prior to or upon making a high-cost mortgage loan (HCL) or a higher-priced mortgage loan (HPML), respectively. The purpose of these documents is to demonstrate that the borrower receives a reasonable, tangible net benefit from the new loan, and is not engaging in the prohibited practice known as “Flipping.”
The print conditions on Cx13190 and Cx16407 have been modified to include HCL/HPML Home Equity Lines of Credit. “Will Vary” will now print in place of the payment amount of the new or previous loan if the loan is a HELOC.
These changes will take effect on October 24, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 17, 2013