As previously announced, the “New Jersey Residential Mortgage Lending Act” (N.J. Stat. Ann. §§ 17:11C-51 et seq.) was recently amended, with new definitions of “commitment fee”, “lock-in agreement”, and “lock-in fee” being promulgated under Ibid. § 17:11C-74(c)(4), (7), & (8), respectively.
While these amendments do not affect the substance or configurations of our documents, we will be adding these citations (as applicable) to our generic “NJ Commitment Letter” (Cx4479) and “NJ Rate Lock-In Agreement” (Cx4480).
These changes will take effect on November 22, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.