Attention Lenders:
PFRS RESERVATION REMINDER:
It is important that all Lenders offering the Police and Fireman Retirement Service (PFRS) program adhere to the specified reservation timeframe policy as described in Chapter 3-5B(3) of the NJHMFA Mortgage Program Policy and Procedures for Participating Lenders Guide (Seller’s Guide). These timeframes may be adjusted periodically so please be sure to review any updates.
Failure to adhere to the guidelines appropriately may impact the rate offered, the fees associated with the loan and the salability of the loan to NJHMFA.
For more detailed instruction regarding loan reservations, please also refer to Chapter 6 of the Seller’s Guide,
Loan Reservation Policy and Loan Reservation Pipeline Management.
“In all instances, the Participating Lender is required to utilize this loan reservation policy in an ethical and honest manner and under no circumstances can a Participating Lender utilize these procedures in any way to achieve undeserved gain for itself, its staff or customers, or cause NJHMFA to suffer unnecessary losses.” Chapter 6:1A(1).
