We currently have two versions of the New Jersey-version of the multi-state document Cx2783. One version, for lenders, is provided pursuant to the provisions of N.J. Admin. Code § 3:1-16.3(a), which requires certain disclosures when an advanced fee is being charged. The other version, which is provided partially pursuant to the above provisions, is for brokers, and additionally contains the items required to be disclosed under Ibid. § 3:1-16.10.
Due to the fact that we are now providing, on an “upon request” basis, the disclosures required under Ibid. § 3:1-16.10 in Cx17071 (see http://www.docutechcorp.com/new-document-nj-broker-agreement-cx17071 for details), it is no longer necessary to provide the broker-version of Cx2783 for New Jersey, because the lender-version is sufficient for compliance with Ibid. § 3:1-16.3(a).
Therefore, we will be deleting the broker-version and will have only one New Jersey-version of Cx2783 (which will print for both lenders and brokers).
We will also be creating a Texas-specific version of Cx2783, due to the provisions of Tex. Fin. Code §§ 156.304 & 157.024(a)(18) concerning the collection of certain advance fees by residential mortgage loan originators. The text of this document will be substantially similar to the generic template for the document, except that the first paragraph will include a disclaimer stating that lock-in and commitment fees may be charged pursuant to separate lock-in and commitment agreements.
These changes will take effect on March 29, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
March 24, 2014
DR 149114 and 150160