Updated Mortgage Rider and Statutory Requirements Disclosures for the Police And Firemen’s Retirement System (PFRS) Mortgage Program:
The language on the Police and Firemen’s Mortgage Loan Program Mortgage Rider and the Statutory Requirements Disclosures has been amended to reflect a change to the review timeline of the monthly servicing fee.
The change was made at paragraph #4 of the above referenced documents, relating to the timeframe for periodic review of the servicing fee.
The adjustment regarding the monthly servicing fee review will apply to all new loans reserved on or after August 1, 2022 and will be reflected on the Statutory Requirements Disclosures and Mortgage Rider forms. Loans reserved prior to August 1, 2022 should continue to use the existing version of the documents, to ensure that the documents given at closing match the terms of the upfront disclosure.
The link to the new forms can be accessed on the Internet Loan Reservation System (ILRS) at www.njhmfa.org/live.
The old forms containing the former policy will still be available in the ILRS for loans in the pipeline reserved before the live date of August 1, 2022.