Cx1507 is provided pursuant to the provisions of N.J. Stat. Ann. §§ 17:16F-17, 54:5-64(c), & 54:5-104.48 and N.J. Admin. Code §§ 5:33-4.3 & 5:33-4.4 and it is a duplicate of “Form ME1 – Initial Tax Authorization Notice” published on the New Jersey Department of Community Affairs website (https://www.state.nj.us/dca/divisions/dlgs/programs/tax_collector.html).
One of the purposes of this form is for a “mortgagor” (defined under Supra § 17:16F-15 as “any person liable for the payment of a mortgage loan, and the owner of real property which secures the payment of the mortgage loan”; see also Supra § 54:4-64[e]) to authorize the forwarding of tax bills to the mortgagee listed on the form (or its designee).
Unfortunately, Section 5 of this form only contains two signature lines for the “owners” (“mortgagors”) to sign this authorization. There are loans involving more than two owners and New Jersey law is ambiguous as to how many owners should sign the form, thus making it hard to determine whether additional signatures lines or additional copies of the form should print for these types of loans.
Taking a conservative approach, we will be adding a signature addendum within Cx1507 which will print when there are more than two borrowers (and/or non-purchasing entities) involved with a loan. The addendum will restate the text of Section 5, followed by a signature area for each owner. The caption “See attached page.” will appear in Section 5 in such cases, to alert the appropriate authority that there are more signatures on an attached page. Borrower signatures will appear in Section 5, unless there is only one borrower with non-purchasing entities (NPEs) also on the loan. In this case, the borrower signature and the first NPE signature will print in Section 5. All other signatures will appear on the signature addendum as necessary.
This change will take effect on June 22, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
DR 292939