The GA Disclosure of Net Tangible Benefit (Cx4235) is provided pursuant to the provisions of Ga. Code Ann. § 7-6A-4, which prohibits a creditor from “flipping” a home loan. “Flipping a home loan is the consummating of a high-cost home loan to a borrower that refinances an existing home loan that was consummated within the prior five years when the new loan does not provide reasonable, tangible net benefit to the borrower . . .” (Ibid.)
Cx4235 currently prints for Georgia higher priced mortgage loans. Since the anti-flipping provision only applies to high-cost home loans, Cx4235’s configuration will be changed to print for Georgia high-cost home loans only.
This change will be in effect on February 14, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 219379