Cx4479 is provided pursuant to the provisions of N.J. Stat. Ann. §46-10A-6 , N.J. Admin. Code §§3:1-16.1 et seq. (more particularly §§3:1-16.5 & 3:1-16.6), and N.J. Dept. of Bank and Ins., Bulletin #07-12. Being one of our oldest documents, numerous additions have been made to it from various clients over the years, a fair portion of which were included that were not required to be included under New Jersey law. This eventually led to a document which, though compliant, was unnecessarily complicated and harder to maintain.
DocuTech has decided to streamline the document, not only to make it easier for general use, but also to maintain and ensure compliance with New Jersey law. To this end, the generic version of Cx4479 will be completely reformatted; only items required to be disclosed in the commitment by New Jersey law will be included and all other excess terms will be removed (there will be a section in the commitment for clients to enter custom text, if they would like to add additional information). Those items remaining will be re-worded to more closely match the language of state law, to help ensure compliance.
Of particular interest in this new format is the fact that a good amount of the text will print depending on the circumstances of the loan, such as whether the interest rate will be floating or locked, whether the loan is a fixed-, adjustable-, or step-rate loan, whether a commitment and lock-in fee is charged, or whether a commitment, but not lock-in, fee is charged. This will help make the document easier for borrowers to understand.
In addition, the document will now only print in New Jersey Initial Disclosures if “Mortgage Loan Commitment” is set to “Yes”. The “Mortgage Loan Commitment” field will be set to “Yes” for New Jersey in ConformX if the “Commitment Fee” amount has a dollar amount or the “Commitment Expiration Date” is filled in.
For copies of the new format, clients are encouraged to contact either their Account Manager or Client Support. These changes will take effect on December 5, 2012.