Current through Register Vol. 56, No. 6, March 18, 2024
(a) With the exception of the first report to be filed by creditors subsequent to the adoption of this subchapter, which shall relate to mortgage foreclosure actions instituted during the third calendar quarter of 2009 and shall be filed by December 31, 2009, within 30 days of the end of each calendar quarter, each creditor shall file electronically on a form prescribed by the Commissioner, a report containing information pertaining to the number of residential mortgage foreclosure actions instituted by that creditor in the aforementioned quarter.
(b) Such reports shall include the following information:
1. The name of the servicer or the name of the mortgagee if there is no servicer;
2. The name of the individual submitting the data;
3. The total number of residential mortgages upon which a mortgage foreclosure proceeding was instituted by the creditor in the State of New Jersey during the reporting calendar quarter;
4. The total number of residential mortgages on which a mortgage foreclosure proceeding was instituted during the reporting calendar quarter in each municipality in which a property being foreclosed upon is situated;
5. The following information with respect to the residential mortgages on which foreclosure actions were instituted on properties situated in the respective municipalities referenced in (b)3 above:
i. The number of such mortgages executed in the respective years prior to the filing of the report, with a general category to capture the oldest mortgages reported upon, for example "mortgages executed prior to 2002";
ii. The number of such mortgages that were fixed rate mortgages;
iii. The number of such mortgages that were adjustable rate mortgages;
iv. The number of such mortgages that were conforming mortgages;
v. The number of such mortgages that were nonconforming mortgages;
vi. The number of such mortgages that were VA mortgages;
vii. The number of such mortgages that were FHA mortgages;
viii. The number of such mortgages that were USDA Rural Development Loans;
ix. The number of such mortgages that were prime rate mortgages;
x. The number of such mortgages that were subprime rate mortgages; and
xi. The number of such mortgages that were interest only mortgages; and
6. A mortgage shall be reported for every pertinent category.
(c) The individual submitting the data shall certify to their being authorized by the creditor to do so and to the truthfulness of the reported data to the best of their knowledge.
(d) On a quarterly basis, the Department shall post on its website a report detailing the information reported by creditors as set forth above on residential mortgage foreclosure actions instituted in the State.
