As previously announced, the New Jersey Department of Banking & Insurance has published a new model form (“NJ Application Disclosure Form”) which will be required for use in complying with the provisions of N.J. Admin Code 3:1-16.3 “beginning on January 1, 2018” (see http://blog.docutechcorp.com/compliance-news-new-jersey-application-disclosure-form for the announcement).
We have created new Cx21702, which is a duplicate of this model form. It will print under the following conditions:
- Application Taken On or After 01/01/2018 = Yes
- Document Package Type = Initial Disclosure
- HELOC = No
- Lien Position = First Lien
- State Code = New Jersey
Due to this new form, we will essentially be retiring “NJ Disclosure Form” (Cx15059) by adding the condition “Application Taken On or After 01/01/2018 = No” to its print configurations. In addition, we will be adding a similar configuration to “Advanced Fee/Application Disclosure” (Cx2783), so that it will not print in packages used for loans secured by property in New Jersey on or after January 1, 2018 (Cx2783 will continue to print for loans in other states). Custom configurations for these two documents will not be altered unless requested.
In addition, we will make a couple of changes to NJ Broker Agreement (Cx17071). We will be adding text to the second paragraph stipulating that fees payable to the broker are refundable if required by applicable law (in addition to the current conditions listed on the document). We will also be changing the field in the third paragraph (concerning discount points paid to the broker) to “Loan Originator/Broker Compensation Amount” (Field 6714), so the amount disclosed on Cx17071 will match the corresponding amount disclosed on Cx21702, as required by the instructions in the new “NJ Application Disclosure Form.”
These changes will take effect on October 21, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.