Update to Tangible Net Benefit Disclosures
DocMagic will be updating programming for tangible net benefit disclosures to use prior lien information to identify applicable benefits in refinance loans, such as an interest rate that is lower in the subject loan than the loan being refinanced, where this is not already considered.
When the data is present, the forms will check the applicable sections of the forms to indicate a tangible net benefit by marking a check box or line for the item. Additionally, DocMagic is creating new data fields to allow programming to populate sections of the forms when the information is not available from prior lien information, such as when a refinance is being made to prevent a foreclosure. That information would then need to be provided from a client’s LOS.
DocMagic is also creating a new option that can be added upon request to allow a Loan Originator to complete portions of a form during eSign with postfill instead of a borrower, when allowed by applicable state law.
The following forms will be included in the changes:
FORM ID | FORM TITLE |
AKTNBN.MSC | Alaska Tangible Net Benefit Notice |
ARBRTNBW.MSC | Arkansas Borrower Reasonable Tangible Net Benefit Worksheet |
COTNBD.MSC | Colorado Tangible Net Benefit Disclosure |
ILNTBN.MSC | Illinois Net Tangible Benefit Notice |
ILBTBD.MSC | Borrower Tangible Benefit Disclosure |
MABIW.MSC | MA Borrower Interest Worksheet |
MANTBW.MSC | Massachusetts Net Tangible Benefit Worksheet |
MERTNBD.MSC | Maine Reasonable, Tangible Net Benefit Disclosure Form |
MNTNBN.MSC | Minnesota Tangible Net Benefit Notice |
NCNTB.MSC | North Carolina Reasonable Tangible Net Benefit Worksheet |
OHTNBN.MSC | Ohio Tangible Net Benefit Notice |
RITNB.MSC | Rhode Island Home Loan Protection Act Disclosure - Tangible Net Benefit |
SCTBW.MSC | South Carolina Anti-flipping/Tangible Benefit Worksheet |
VATNBN.MSC | Virginia Tangible Net Benefit Notice |
WANTBN.MSC | Washington Net Tangible Benefit Notice |
WVTNBW.MSC | West Virginia Tangible Benefit Worksheet |
VATNBW.MSC | VA Net Tangible Benefit Worksheet |
BNTB.MSC | Borrower Net Tangible Benefit |
VANTBW.MSC | VA Net Tangible Benefit |
BCNTB.MSC | Borrowers Certification - Net Tangible Benefit |
BTBD2.MSC | Fairness in Lending Act Borrower Tangible Benefit Disclosure |
DocMagic will be announcing individual form changes on the Compliance Updates and Forms Updates webpages throughout the months of February and March as they become available for testing in stage and available in production.
If you have any questions, please contact DocMagic’s Compliance Department.
