Compliance Docutech

Document Updates: New Jersey Commitment Letter (Cx4479)

Written by Abe Skousen | Mar 18, 2024 4:51:36 PM

A coding error that left an orphaned asterisk at the end of the phrase “Monthly Payments of*” in the second column of the payments table has now been fixed in Cx4479 – NJ Commitment Letter.

When Field 99 “Amortization Type” = Fixed (0), the following will print at the bottom of page 1:

*Note: The Payments shown above include Mortgage Insurance (if applicable), but exclude Property Taxes and Insurance.”

When Field 99 “Amortization Type” = Adjustable Rate (1), the following will print at the bottom of page 1:

“*Note: The Payments shown above include Mortgage Insurance (if applicable), but exclude Property Taxes and Insurance. The Payment Schedule assumes the index remains unchanged for the life of the loan. The index used to calculate the Annual Percentage Rate (APR) and the Payment Schedule above is _[Field 16 “Index Rate”]_.”

These changes are available for testing on Stage & Stage 2 servers and will take effect on March 23, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

LEG-1857
DR-148953

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.