This document is provided pursuant to Ga. Comp. R. & Regs. r. 80-11-1-.01(9) and, since November 2015, has only been provided for loans not subject to 12 C.F.R. § 1026.19(e) & (f), due to amendments which were made at that time which included the following clause:
“This disclosure requirement may be satisfied by complying with a substantially similar disclosure as required by federal law.” (Ibid. r. 80-11-1-.01[9][c])
Because we had determined that page 4 of the CD was substantially similar, we configured Cx1011 to only print for non-TRID loans (see https://compliance.docutech.com/2015/11/09/new-document-ga-acknowledgment-of-receipt-cx19978/ for details).
Recently, the Georgia Department of Financial Institutions adopted an amendment to Ga. Comp. R. & Regs. r. 80-11-1-.01(9), which removed this clause. The rationale for this was outlined by the Department in a proposed rulemaking as follows:
“The proposed amendment eliminates the language permitting a mortgage lender to provide a mortgage foreclosure statement substantially similar to the one required by O.C.G.A. § 7-1-1014(3). The Department has discovered that some mortgage lenders were relying on this language as the basis to not obtain a signed mortgage foreclosure disclosure from borrowers.” (Ga. Dep’t of Banking and Finance Proposed Rulemaking, May 30, 2019, p. 5; available at: https://dbf.georgia.gov/dbf-regulations)
Due to this change, we will be changing the print configuration for Cx1011 by removing the condition “Integrated Disclosure Loan Indicator” equals “No”, causing the document to print for all loans in Georgia which are secured by the borrower’s primary residence.
This change will take effect immediately. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 296682