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Board asks staff to rewrite tangible-net-benefit disclosure and study shared-appreciation lenders
Summary
The Colorado Board of Mortgage Loan Originators voted to refer stakeholder recommendations to division staff to consider removing the TNB purchase-specific requirement, stripping the income section from the form and clarifying whether shared-appreciation lenders must hold MLO licenses.
The Colorado Board of Mortgage Loan Originators voted Sept. 18 to direct division staff to pursue rulemaking on the tangible net benefit (TNB) disclosure and to study how shared-appreciation lenders should be regulated.
Division staff told the board a stakeholder group reached consensus that the TNB form’s purchase-only framing and the income section were outdated because other disclosures and the Loan Estimate now capture much of that information. The group recommended removing the TNB requirement for purchase…
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