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WBK Industry News - State Regulatory Developments

New Jersey Adjusts Definition of High-Cost Home Loan for 2020

The definition of a high-cost home loan has been adjusted for 2020 by the New Jersey Department of Banking and Insurance (the Department) pursuant to the New Jersey Home Ownership Security Act of 2002 (the Act).  The Department recently published a Bulletin announcing a high-cost home loan definition that includes a maximum principal amount of $506,059.40.  The new, revised definition is applicable to all completed applications subject to the Act and received by the lender on or after January 1, 2020.