Document Updates: Georgia Waiver of Borrower Rights (Cx1009)

In the 24th edition of Supervisory Highlights the Consumer Financial Protection Bureau (CFPB) issued an opinion on the Georgia Waiver of Borrower Rights.  The Examiners determined that the waiver was deceptive because the borrowers were waiving all of their rights to notice or to judicial hearing before the lender exercises its right to nonjudicially foreclose on the property.

We have reviewed our copy of the GA Waiver of Borrower Rights (Cx1009) and are removing language by which the borrower waives any rights under the fifth and fourteenth amendments to the Constitution, and the portion where the borrower acknowledges that the borrower has waived these rights knowingly, intentionally, and willingly as part of the transaction.

After the changes are made, the borrower will continue to acknowledge the lender’s right to foreclose in accordance with the provisions in the security instrument and GA law, that the borrower has read the document, and that the document is incorporated into the security deed. Additionally, since Cx1009 will no longer be waiving any borrower rights, we are changing the document title to “GA Acknowledgement of Borrower Rights”.

These changes will be in effect on October 21, 2021. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

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