Pursuant to a review by our Legal team, we will be updating the print configuration of the Rhode Island Tangible Net Benefit Disclosure (Cx11242) to more accurately reflect the requirement for producing this disclosure when refinancing an existing home loan that was consummated within the prior sixty (60) months per R. I. Gen. Laws § 34-25.2-5(b).
Currently, Cx11242 prints by default in Initial disclosures for all Rhode Island refinances of primary residences. This will be changed to include “Net Tangible Benefit – Exemption – Seasoned Loan – Minimum of 60 Months” (41259) = “No” as a print condition. Note that clients shouldn’t have to take any new action for the triggering of the document, since field 41259 will be globally mapped to “No” if the Previous Loan Note Date (field 6677) is empty, OR if the number of months between the Previous Loan Note Date and the Closing Date (field 678) is less than 60 months.
This print configuration change will be in effect on June 21, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.