New Jersey Department of Banking and Insurance adjusts maximum dollar amount of 2019 high-cost home loans

State Issues Compliance Mortgages

On January 31, as part of the annual review required under the Home Ownership Security Act of 2002 (the Act), the New Jersey Department of Banking and Insurance issued Bulletin 19-02, which addresses the definition of a “high cost home loan.” The bulletin adjusts the maximum principal amount of a loan that may be considered a “high cost home loan” from $487,618.86 to $498,610 and is effective for all completed loan applications subject to the Act received by a lender on or after January 1.