New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 6 - BOOKS AND RECORDS; EXAMINATIONS; ANNUAL REPORTS
Section 3:15-6.7 - Ledger card and document retention requirement for mortgage lenders making secondary mortgage loans
Universal Citation: NJ Admin Code 3:15-6.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Each mortgage lender shall maintain an individual record or ledger card for each secondary mortgage loan, which shall include the following information:
1. The account number;
2. The name and address of borrower
(mortgagor);
3. The address and
physical description of mortgaged property;
4. The date of the secondary mortgage
loan;
5. The amount of the
secondary mortgage loan;
6. The
appraisal or inspection fee;
7. The
credit investigation fee;
8. The
title search fee;
9. Legal
fees;
10. Recording and filing
fees;
11. Insurance premiums and
types of coverage;
12. The interest
charge;
13. The full amount of the
secondary mortgage loan;
14. The
terms by which the secondary mortgage loan is to be repaid;
15. The amount and to whom any commissions,
fees or points, if any, were paid by the licensee and the form of disbursement
(for example, cash or check);
16. A
record of the computation of any rebate upon prepayment of the secondary
mortgage loan in full before maturity;
17. A record of the computation of any refund
of unearned insurance premium charge upon prepayment of the secondary mortgage
loan in full before maturity; and
18. The name and address of any subsequent
holder of the secondary mortgage loan obligation if it is sold or
assigned.
(b) Each person licensed as a mortgage lender shall maintain an original or true copy of the following instruments, documents, accounts, books and records for each secondary mortgage loan:
1. Promissory note
evidencing each borrower's secondary mortgage loan indebtedness;
2. Mortgage indenture or any other similar
instrument or document that creates a lien on the real property that is taken
as security for a secondary mortgage loan;
3. Credit life and accident and health
insurance policy or a certificate of insurance when such insurance is obtained
in accordance with
17:11C-21;
4. Closing statement for each secondary
mortgage loan;
5. Appraisal or
search, where utilized;
6.
Individual ledger card or any other form or record which shows all installment
payments made by the borrower and all other charges or credits to the
borrower's account;
7. Individual
file in which the borrower's application for a loan and any correspondence,
including collection letters, memorandums, notes or any other written
information pertaining to the borrower's account, shall be kept; and
8. General ledger cash receipts and
disbursements register, checkbook canceled checks and such other accounts,
books or records as shall be required by the Commissioner in order to ascertain
whether the licensee has been conducting secondary mortgage loan business in
full compliance with the provisions of
17:11C-51 et seq.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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