New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 9 - PERMISSIBLE FEES
Section 3:15-9.1 - Fees permitted to be charged by mortgage lenders, correspondent mortgage lenders, and mortgage brokers
Universal Citation: NJ Admin Code 3:15-9.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Mortgage lenders, correspondent mortgage lenders and mortgage brokers may charge the following fees:
1. The fees specified in
17:11C-74 and in
3:1-16.2 and 16.10, as applicable.
Correspondent mortgage lenders may charge any fee that may be charged by
mortgage lenders; and
2. Pursuant
to 17:11C-82 and
46:18-11.2, the fee charged by the
county recording officer to cancel the mortgage, plus an additional service fee
not to exceed $ 25.00, providing that the borrower has received prior notice of
the fees required by the mortgage lender or correspondent mortgage lender, and
providing further that if the mortgage lender or correspondent mortgage lender
collects the service fee at the time of the mortgage transaction and transfers
the servicing rights prior to cancellation, the mortgage lender shall refund
the service fee to the borrower.
(b) No mortgage lender, correspondent mortgage lender or mortgage broker shall give, authorize the giving of, or accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a mortgage loan shall be referred to any person, except as otherwise permitted by State or Federal law.
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