New Jersey recently introduced legislation that regulates mortgage servicing in the state. Under the new law, which takes effect July 28, servicers must be licensed and obtain a $100,000 New Jersey mortgage servicer bond in order to operate legally.
The law also specifies the obligations and responsibilities of licensed servicers, such as filing annual reports, keeping records, and more
By July 28, mortgage servicers in New Jersey will need to obtain a license in order to operate legally in the state. This requirement was recently introduced with the passing of bill A4997, also known as the Mortgage Servicers Licensing Act.
Moreover, persons exempt from licensure that service five or fewer residential mortgage loans per year are also exempt from the provisions of this bill.
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