To improve your experience and to provide you with the highest level of service, DocMagic will be adding two additional audits to its Automated Compliance System.
The state of New Jersey recently updated the New Jersey Residential Mortgage Lending Act which now prohibits Discount Points or Origination fees charged by the Broker. The introduction of these audits will provide a warning for clients if an Origination Fee or Discount Point is detected as being charged by the Broker on loans transacted in New Jersey. You can see our prior article discussing the updates here.
To view the law, please see the New Jersey State Legislature's website: N.J. Stat. Ann. §§ 17:11C-74(c)(6) and (9)
Please direct any questions or comments to compliance@docmagic.com.
