Cx4480, the New Jersey Interest Rate Lock-In Agreement, has been modified to clarify that a refund of the lock-in fee will not be applied as a credit to other fees, and to add additional conditions concerning for the guarantee of other fees which are based on the “substantial fault of the borrower” definition found in N.J. Admin. Code § 3:1-16.1. The form has also been modified to better comply with the requirements for rate lock expiration timelines and to remove a phrase placing a condition on refunds.
These changes will take effect on May 27, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
May 20, 2013