WBK Industry News - State Regulatory Developments

COVID-19 Pandemic Prompts NJ to Extend Mortgage Servicer Application and Registration Deadlines

The New Jersey Commissioner of the Department of Banking and Insurance recently issued Bulletin No. 20-18, extending the submission deadline for the state’s mortgage servicer license application and New Jersey Residential Mortgage Lending Act (RMLA)-licensed mortgage servicer registration to June 12, 2020, due to the impact of the COVID-19 pandemic.

The New Jersey Mortgage Servicers Licensing Act generally requires non-exempt residential mortgage loan servicers that are not already licensed as residential mortgage lenders to become licensed by the Department.  Meanwhile, entities that are already licensed as residential mortgage lenders or correspondent residential mortgage lenders pursuant to the New Jersey RMLA are required by the Department to register with the Department in order to conduct mortgage servicing business in the state.  The original application and registration deadline was April 13, 2020.

WBK’s article on the original application and registration requirements bulletin, as well as related NMLS checklists, can be found here.