New Jersey Adjusts Definition of “High-Cost Home Loan”
The New Jersey Department of Banking and Insurance is adjusting the definition of “high-cost home loan” under the New Jersey Home Ownership Security Act of 2002, in accordance with its annual review of the definition of “high-cost home loan,” as set forth at N.J.S.A. 46:10B-24.
“Accordingly, as required by N.J.S.A. 46:10B-24, the Department is adjusting the definition of “high-cost home loan” to provide that the maximum principal amount of a loan that may be considered a high cost home loan will be $477,744.15.
The amount of $477,744.15 shall be effective for all completed applications on loans that may be subject to the Act received by the lender on or after January 1, 2017.”
For the full text of Bulletin No. 16-13, please refer to:
http://www.state.nj.us/dobi/bulletins/blt16_13.pdf
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