N.J. Admin. Code § 3:15-6.5 - Loan documentation file requirements for business licensees

Current through Register Vol. 54, No. 7, April 4, 2022

(a) Each person licensed as a business licensee shall maintain for each first mortgage loan application the following data, if utilized by the licensee in connection with the first mortgage loan application:
1. The loan application;
2. The loan commitment;
3. The Truth-in-Lending disclosure statement;
4. All disclosures required by RESPA;
5. All other written disclosures required in connection with the loan transaction by State or Federal law;
6. The loan closing statement;
7. A copy of mortgage note or bond;
8. The adverse action or rejection of application letter;
9. The appraisal report; and
10. The credit report.

Notes

N.J. Admin. Code § 3:15-6.5
Amended by R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Section was "Loan documentation file requirements for mortgage bankers, correspondent mortgage bankers and mortgage brokers". In the introductory paragraph of (a), substituted "business licensee" for "mortgage banker, correspondent mortgage banker or mortgage broker".

The following state regulations pages link to this page.



State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.