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Announcement 2019-062: Conventional Updates

Updates to Conventional Products

net tangible benefit (ntb) update

Effective July 15, 2019, NewRez is updating the requirements for the conventional Net Tangible Benefit requirements on conforming conventional loans. A Net Tangible Benefit test will only be required in the following circumstances.

  • The following states will require that the loan meet the requirements of the generic NewRez Net Tangible Benefit Form: AR, IL, MN, NC, NM, OH, and WA.
  • The following states will require that the applicable state-specific Net Tangible Benefit test and state-specific forms be completed and met: CO, MA, MD, ME, RI, SC, VA, and WV.
  • A net tangible benefit form will not be completed for any state that is not listed above.

Conditions have been updated to support the new requirements.

Please reference the product profile and NewRez Net Tangible Benefit Form for full details.