Blog

NJ Application Disclosure Form

The New Jersey Department of Banking and Insurance, Division of Banking, has established a new model application disclosure. The disclosure, required pursuant to N.J.A.C. 3:1-16.3, is now consistent with the federal disclosure requirements in TRID and the disclosures contained in the Loan Estimate and the Closing Disclosure. The Department has posted the disclosure on its … Continue reading NJ Application Disclosure Form


SUPREME COURT RULES ON EXTENDED RESCISSION RIGHT

By opinion dated January 13, 2015, the United States Supreme Court held in Jesinoski v. Countrywide Home Loans, Inc. 2015 U.S. Lexis 607 (2015), that a borrower wanting to exercise a right of rescission on a loan under the Truth In Lending Act’s (“TILA’s”) extended right of rescission is not required to bring a court … Continue reading SUPREME COURT RULES ON EXTENDED RESCISSION RIGHT


CSBS FINES LENDER FOR SAFE ACT VIOLATIONS

On April 13, 2015, The Multi-State Mortgage Committee (“MMC”) of the Conference of State Bank Supervisors (“CSBS”) entered into a settlement with New Day Financial, LLC for violating the testing and education requirements of the SAFE Act. Pursuant to the Order, New Day was penalized $5,160,000 ($5.16 million), which is to be divided equally among … Continue reading CSBS FINES LENDER FOR SAFE ACT VIOLATIONS


HUD SUBSTANTIALLY REDUCES COSTS OF FHA LOANS

The Department of Housing and Urban Development (“HUD’) has reduced THE FHA annual premiums for new borrowers, effective January 26, 2015. Borrowers with case numbers assigned on and after that date will be eligible for the reduced annual mortgage insurance premiums. HUD has projected that the action will save more than two million FHA homeowners … Continue reading HUD SUBSTANTIALLY REDUCES COSTS OF FHA LOANS