It is my understanding that you are not comparing the same 2 documents. The disclosure guide is what is provided as part of the contract pack to new buyers and contains the regulatory and disclosure and statistics, plus the Abound exchange procedures. The 2022 document is just the Abound exchange procedures.
Please consider reviewing your comparison to limit it just to the comparison of the exchange procedures. The other information in the disclosure guide changes as the statistics for the ownership change, so is naturally going to vary over time.
The initiation fee and its level are not new in 2026, they are present in 2022 as well and well established.
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I believe your observation may be valid (in the context of 86 pages of documents), however, the Content Experts (Industry Content Experts) that I talked to, believe that these documents are the prevailing documents of the generations in which they were published, govening the “Abound by Marriott Exchange Program.” I would not consider their findings prescriptive, or the result of Independent Auditors. I don’t doubt that what appeared in 2022 in one place, or in 2026 in another place, may be in a variety of places that the purchaser of Developer inventory receives on a CD (or some other means) when they purchase, which is further modified by the state of their purchase and the state of their residence (Public Offering Statement).
I invite anyone who wants to, to review 96 pages of documents, and to note their observations, speculation, conclusions, in this thread. Depending upon the quantity, and the willingness of the Industry Content Experts to review the volume of comments, I will be happy to take the comments, herein, to the Industry Content Experts. In my opinion, in the context of transparency, I would encourage MVW to prepare an Errata Sheet, that makes explicit note of the changes, additions, and deletions, between the two documents. Sadly, I’d speculate that 99% of the MVW purchasers do not look at these documents, nor, I speculate, that they understand the relationship that they are entering into and/or have with MVW.
The basis for the comparison is, largely, AI driven, and I suspect that a variety of AI platforms will have different findings/conclusions. No doubt that the data in, equals the data out, and if there are additional data, they should be added/factored into the analysis.
For me, I have plenty of information, to draw conclusions about the big picture, and MVW’s agenda (I see the forest through the trees). Also, I’ve not seen the variety of people, - - professed to be experts, in the vacation ownership industry, MVW ownership/membership, or armchair experts - - chime in, since they declared the new Disclosure Guide, simply an amendment that addressed the two new categories of membership (which was not an accurate statement).
I am confident that if someone wanted to pony up the money, a group of interested parties could hire a team of experts, to serve in a consultancy capacity, and to review the two documents, to provide an objective analysis of the two documents, and to describe the impact of the 2026 Exchange Company Disclosure on MVW owners/members.
