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.