New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
Subchapter 13 - MAKING OR PURCHASING ELIGIBLE LOANS FOR SINGLE FAMILY MORTGAGES
Section 5:80-13.2 - Commitment applications
Universal Citation: NJ Admin Code 5:80-13.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Agency shall make available to all mortgage sellers who request it, a form of commitment application for each proposed program to purchase single family mortgage loans at least 14 days in advance of the date all such applications must be submitted to the Agency. The commitment application shall be in the form prescribed by the Agency and shall contain, among other things:
1. Provision for the mortgage seller to state
the maximum principal amount of single family mortgage loans which the mortgage
seller offers to the Agency;
2. The
date by which the commitment application must be submitted to the Agency in
order to be considered for an allocation of funds and the date by which
commitments will be accepted by the Agency;
3. Form of the proposed mortgage purchase
agreement and mortgage servicing agreement;
4. Provision for the mortgage seller to
furnish information regarding its mortgage loan origination and servicing
activities during a time period to be prescribed by the Agency;
5. Provision for liquidated damages to be
paid or other penalties to be incurred by the mortgage seller in the event that
it fails to execute or perform under the mortgage purchase agreement for the
commitment accepted by the Agency; and
6. Provision for payment by the mortgage
seller of a commitment fee in an amount prescribed by the Agency as
consideration for the Agency's acceptance of the commitment application and
agreement to purchase mortgage loans from the mortgage seller.
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