In 2019, Governor Phil Murphy signed nine new laws that affect New Jersey foreclosures. The laws aim to help homeowners and reduce foreclosures. This article describes the law that relates to the Mortgage Servicers Licensing Act.
Mortgage servicers are usually the companies that send monthly mortgage statements and collect mortgage payments. Also, they are usually the people you would ask if you have questions about your loan. Often, mortgage servicers file the foreclosure complaint for the lender that owns a mortgage.
Under the new law, most mortgage servicers must be licensed with the New Jersey Department of Banking and Insurance (NJ DOBI). A mortgage servicer must also provide information to NJ DOBI, including how much they charge in costs and fees for servicing, how many of its loans are behind on payments, and the number of foreclosures that they filed that year. There are other duties, as well.
For more information about other important sections of the laws, click on one of the topics below.
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