Colorado Repeals Rules Requiring the Tangible Net Benefit Disclosure

Colorado Board of Mortgage Loan Originators (the “Board”) recently held a Rule-Making Hearing during which Chapter 5: Professional Standards of the rules governing Mortgage Loan Originators, found at 4 CCR 725-3, was reviewed.  During this hearing, the Board voted to repeal Rules 5.7 and 5.8, the relevant rules that require Mortgage Loan Originators to provide the Tangible Net Benefit Disclosure form to consumers.

 

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