|
This bulletin provides important reminders to Lenders regarding trailing document submissions, Assignment of Mortgage and DPA program templates, and Assignee verbiage.
Following the NJHMFA requirements for trailing documents will decrease risk, ensure timely transfer of documents, ensure loan salability, avoid trailing document penalties and/or repurchases.
NJHMFA requires receipt of trailing documents within 90 calendar days of purchase. It is the Lender's responsibility to manage this requirement along with their title companies and recorder's offices.
Trailing Document Submission Policy:
Lenders must submit all trailing documents within 90 calendar days of the purchase date. If any trailing documents are not received and are aged more than 120 calendar days from the purchase date, NJHMFA will assess the Lender a $25 per outstanding document per month fee, or in the alternative, the Lender may be required to repurchase the Mortgage Loan. Fees will be invoiced to the Lender on a monthly basis and will be cumulative until the document is received or the loan is repurchased.
Assignment of Mortgage and DPA Templates:
Lenders must utilize the the templates that are located on the NJHMFA website for accuracy. The templates are located under "Lender Resource Site," "Resources" and specific program.
The templates include the required Assignee verbiage as follows:
-
Homeward Bound, First-Time Homebuyer, and HFA Programs: New Jersey Housing and Mortgage Finance Agency
-
PFRS Program: Police and Firemen's Retirement System Board of Trustees by its Administrative Agent, New Jersey Housing and Mortgage Finance Agency
Assignment of Mortgage Recording Reminder:
Once the loan has been purchased, Lenders must ensure that the Assignment of Mortgage is recorded. An unrecorded Assignment of Mortgage is considered an outstanding trailing document.
Submission Instructions:
Upload all trailing documents to the NJ Lender Portal and overnight any originals. NJHMFA policy requires the original trailing documents. If the original document is unavailable, the Agency may accept copies of the trailing documents to clear the outstanding requirement, provided that all applicable recording information is included. Uploading and/or emailing will ensure documents are reviewed within 48 hrs. If you are unable to access the portal, email the documents with the NJHMFA loan number to: trailingdocs@njhmfa.gov
For NJ Lender Portal access or issues contact: SFlenders@njhmfa.gov
| 