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 web site at http://www.state.nj.us/dobi/division_banking ocf/NJ_Application_Disclosure_Form_20170927.pdf.
The Department has advised that, beginning on January 1, 2018, the “NJ Application Disclosure Form” must be used, preferably in a two-sided single sheet format, and that a copy of the completed form must be provided to the applicant(s) and maintained in the loan file. However, we recommend that the form be utilized as soon as practicable.