The New Jersey Department of Banking & Insurance has published a new “NJ Application Disclosure Form” on their website (available at: http://www.state.nj.us/dobi/division_banking/ocf/), along with the following post:
“DOBI Rules at N.J.A.C. 3:1-16.3 provide for the disclosure of fees charged in connection with a mortgage loan application. Beginning on January 1, 2018, the ‘NJ Application Disclosure Form’ must be used for such disclosures, preferably in a two-sided single sheet format. A copy of the completed form must be provided to the applicant(s) and maintained in the loan file.”
We are currently reviewing and evaluating these changes to determine any impact to our document library and/or systems. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).