In 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a supervisory highlight
outlining its concerns with the Waiver of Borrower’s Rights, a document historically included in
Georgia closing packages. The CFPB found that use of the form, which requires borrowers to
waive their rights to notice or to judicial hearing, is considered deceptive and violates the
Consumer Financial Protection Act’s prohibition on deceptive acts or practices.

At that time, title companies and investors still required the document and the decision was
made to continue including the waiver in Georgia closing packages with the option to remove it
upon request. However, the Georgia Bar Association recently issued an updated title standard
indicating that “the absence of an executed waiver or its attachment to the security deed as
recorded shall not invalidate the security deed nor prevent the exercise of an otherwise proper
power of sale.”

Based on the updated title standard as well as input from Georgia counsel, we have amended
the form to remove the waiver of rights provisions and renamed it the Borrower’s
Acknowledgement of Rights. The Borrower’s Acknowledgement of Rights will replace the
Waiver of Borrower’s Rights in all Georgia closing packages effective September 18, 2023. If
you wish to have the Borrower’s Acknowledgement of Rights removed from Georgia closing
packages, please reach out to the Propel customer service team.