Maryland Net Tangible Benefit Worksheet Form PDF Details

The Maryland Net Tangible Benefit Worksheet serves as a critical tool in the refinancing process, ensuring borrowers in Maryland fully grasp the advantages and possible repercussions of replacing their existing mortgage loan with a new one. Mandated by the Commissioner of Financial Regulation under specific regulatory standards (COMAR 09.03.06.20 and COMAR 09.03.09.04), this document aims to promote transparency and protect consumers by requiring a detailed comparison between the current loan and the prospective loan. Borrowers are guided through a comprehensive assessment, including changes in interest rates, monthly payments, the loan's term, and other significant features such as the shift from an adjustable to a fixed rate or the elimination of negative amortization or balloon payment features. Additionally, it addresses refinancing's potential for cash-out benefits, foreclosure avoidance, and the consolidation of debt, among others. The form, which must be completed with typewritten or printed information, requires the borrower(s) to acknowledge understanding the costs, terms, and, most importantly, the net tangible benefits specific to their situation. It calls for the licensing and contact details of mortgage originators, lenders, and brokers involved, reinforcing the emphasis on accountability and consumer protection within the Maryland mortgage landscape.

QuestionAnswer
Form NameMaryland Net Tangible Benefit Worksheet Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesmd commissioner of financial regulation ntb worksheet, maryland net benefit, state of maryland net tangible benefit form, maryland net benefit worksheet

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S T A T E O F M A R Y L A N D

COMMISSIONER OF FINANCIAL REGULATION

500 North Calvert Street, Suite 402

Baltimore, Maryland 21202

Net Tangible Benefit Worksheet

This Net Tangible Benefit Worksheet has been prescribed by the Commissioner of Financial Regulation in conformity with COMAR 09.03.06.20 and COMAR 09.03.09.04 (Duty of Care). Persons complying with these regulations shall use a form substantially similar to this form.

All information must be typed or printed.

This form shall be maintained in the broker/lender

licensee’s loan files pursuant to COMAR 09.03.06.04 “Records”.

Name of Borrower(s):

_______________________________________________

 

_______________________________________________

 

 

 

Mortgage

 

 

Originator

 

 

Name:

 

 

Employer:

 

 

MD License #:

 

 

Business

 

 

Address:

 

 

City:

State:

Zip code:

Direct Tel #:

 

Toll Free #:

Fax:

 

Email:

 

 

 

Lender Name:

 

 

MD License #:

 

 

Business

 

 

Address:

 

 

City:

State:

Zip code:

Direct Tel #:

 

Toll Free #:

Fax:

 

Email:

 

 

 

Broker Name:

 

 

MD License #:

 

 

Business

 

 

Address:

 

 

City:

State:

Zip code:

Direct Tel #:

 

Toll Free #:

Fax:

 

Email:

I/We, the undersigned borrower(s), plan to enter into a transaction which refinances one or more existing mortgage loans with a new mortgage loan secured by my/our home located at:

Address:

 

 

City:

State:

Zip code:

NTBW

Page 1

Rev. 11/12/08

I/We acknowledge that:

I/We understand the costs associated with the new loan;

The new loan may have different terms (including duration of term and rate of interest) than my/our existing loan(s); and

The new loan will provide a reasonable, tangible net benefit to me/us after taking into account the terms of both the new and existing loan(s), the cost of the new loan, and my/our particular circumstances.

By refinancing my/our existing loan(s), the following benefits apply to me/us (each borrower should initial any benefit that applies):

______

______ Obtaining a lower interest rate.

______

______ Obtaining a lower monthly payment, including principal, interest, taxes, and insurance.

______

______ Obtaining a shorter amortization schedule.

______

______ Changing from an adjustable rate to a fixed rate.

______

______ Eliminating a negative amortization feature.

______

______ Eliminating a balloon payment feature.

______

______ Receiving cash-out from the new loan in an amount greater than all closing costs incurred in

 

connection with the loan.

______

______ Avoiding foreclosure.

______

______ Eliminating private mortgage insurance.

______

______ Consolidating other existing loans into a new mortgage loan.

______

______ Other (please specify): ________________________________________________________

 

__________________________________________________________________________

I/We have considered the terms of both the existing and new loans, the cost of the new loan, and my/our personal circumstances. I/We believe the overall benefits of the new loan make the new loan beneficial to me/us for the reason or reasons identified above. By signing below, I/we certify that I/we have read and understand this Net Tangible Benefits Worksheet.

Borrower: ____________________________________________

Date: _____________________

Borrower: ____________________________________________

Date: _____________________

 

NTBW

 

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Rev. 11/12/08

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