Update to Colorado Net Tangible Benefit Disclosure (Cx12873)

In order to improve the process of completing Cx12873 (Colorado Net Tangible Benefit Disclosure) we have updated the logic connected to the selections.

Previously, if the refinance was an adjustable rate mortgage, the ARM line which states “If the new loan is an adjustable rate mortgage, I have considered how long the new monthly payment will be in effect before it adjusts. I have also considered the maximum payment amount after adjustment” would be automatically checked regardless of if the loan was a purchase or a refinance.

We have adjusted the logic so that the ARM line will not be automatically checked if the loan is a  purchase. The line will only be checked on an ARM if the loan is also a refinance.

These changes are available for testing on Stage & Stage 2 servers and will take effect on July 16, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

DR-151228

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.