Following a standard review of New Jersey specific forms, we have decided to make certain changes to the default print conditions for Cx15059, New Jersey Disclosure Form. This form is used to satisfy the requirements of N.J. Admin. Code title 3 §§1-16.2 and 1-16.3(d), which require the disclosure of certain mortgage loan fees separate and apart from the Loan Estimate and Closing Disclosure within a specific timeline.
During our review, we determined that this document is only required for closed-end first lien mortgages due to the definition of “Mortgage Loan” in N.J. Admin. Code title 3 §3:1–16.1, which states that:
“Mortgage loan” means any closed-end loan to a borrower which is secured by a first mortgage on real property located in New Jersey on which there are one to four dwelling units, a portion of which may be used for nonresidential purposes.
The print configuration changes are:
Set HELOC to “No”
Set Lien Position to “First Lien”
These print configuration changes will take effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.