Current through Register Vol. 54, No. 7, April 4, 2022
borrower, or an agent applying on behalf of a borrower, shall sign each loan
application. If more than one borrower applies, each borrower and each agent
applying on behalf of a borrower shall sign the application.
(b) Each credit report for which an applicant
is charged a separate fee shall be memorialized in a written memorandum or
other written documentation. The memorandum or documentation shall indicate
that the credit history of the applicant was investigated and by
(c) Each appraisal report for
which an applicant for a first mortgage loan or a second mortgage loan is
charged a separate fee shall be memorialized in a written memorandum or other
written documentation. The memorandum or documentation shall indicate that the
value of the property was evaluated and by whom.
(d) Each person licensed as a mortgage lender
shall maintain a trustee account and ledger detailing receipts and disbursement
of all funds deposited by the borrower or seller with the licensee in
connection with the origination or closing of any loan. The funds shall be held
in accordance with the terms of a written agreement between the mortgage lender
and such borrower or seller, which provides that upon the occurrence of a
specific condition or event, the funds or a portion thereof shall be disbursed
to the borrower or seller. All such trust accounts shall be reconciled at least
quarterly. This subsection shall not apply to escrows collected or held by the
mortgage lender for taxes or insurance.
N.J. Admin. Code §
Recodified from N.J.A.C.
3:15-6.9 and amended by R.2010 d.129, effective 6/21/2010 (operative July
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
In (d), deleted "banker, correspondent mortgage banker, or secondary" preceding
"lender" throughout. Former N.J.A.C. 3:15-6.8, Loan numbering, original
document envelope, and index requirement for consumer lenders,