Ga. Code Ann. § 7-1-1014(3) requires mortgage lenders to disclose to each borrower that failure to meet every condition of the mortgage loan may result in the loss of the borrower’s property through foreclosure. This disclosure is required to be signed by the borrower at closing. We have adjusted the logic on Cx19978 (GA Acknowledgement of Receipt) for the required language to print only in Closings when occupancy is set to Primary Residence.
We have also removed the “Security Interest” section. This section was intended to refer to the Closing Disclosure that has a similar statement. Instead, this section will be removed and the disclosure required by Ga. Code Ann. § 7-1-1014(3) will be provided in Cx19978.
These changes are available for testing on Stage & Stage 2 servers and will take effect on May 21, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
COM-5991
DR-180242