Effected Programs:  All

Effective Date: December 11, 2023

NJHMFA is pleased to announce the launch of the new Lender Portal which will be released on December 11, 2023 to replace the existing Internet Loan Reservation System (ILRS). This new system will allow for simplification with registering loans, submitting loans for the pre-closing review, and updates for loans in process. The existing ILRS will retire on December 8, 2023. The ILRS and our internal MITAS system will come down on Friday 12/8 at 2 pm, and not be available over the weekend.

Please note we will not be able to issue approvals after 2 pm on Friday, December 8, 2023. Lenders are advised to plan pre-closing submissions and closings accordingly. Additionally, the Agency’s internal operating system updates are going live on the same day. While we have been working on this for over a year and have tested the system extensively, we are preparing for possible launch day technical challenges and ramp-up time. For the week of launch, lenders should expect some delays and plan your underwriting review and closing timelines accordingly.

During this transition, the turn time for new submissions for the pre-closing review will be 7 business days and the resubmission review period will be 3 business days.

Lenders will be able to access the new Lender Portal on December 11, 2023 at 10:00 am EST. This new Lender Portal will be available at this web address: www.lenders.njhousing.gov.

Lenders will be required to use the new system for new loan registrations, managing existing pipelines, submitting loans for the pre-closing review, and resubmissions. We expect this change to create greater efficiency for both lenders and NJHMFA Staff. There are some key differences that lenders should be aware of.

• Lenders will now be able to upload a MISMO file to import loan data into the lender portal, decreasing the amount of data entry required.

• Mandatory entry fields will have a red line on the left border of the field. These fields are required to progress the screens and submit the reservation.

• To simplify lock desk activities, lock periods for the Homebuyer programs will now include the initial 60 or 90 days, plus the 30 days currently provided post-delivery to allow for the purchase timeline. The new initial lock periods will be 90 or 120 days, and no additional days will be provided unless the loan requires an at-cost extension. Lock prices will now be 102.75 for the 90-day lock and 102.375 for the 120-day lock.

• Communication between lender staff and Agency staff will be system-aided:

• For pre-closing and post-closing loan review, there will be a concept of the loan file being assigned to either the lender or the Agency, so it is clear who is working the file at any given time.
• For post-purchase trailing document collection, there will be automated emails on aged loans to let lenders know what documents are still outstanding. Note that on the first week of launch, there may be many of these emails sent to lenders for older purchased loans with outstanding aged trailing documents.

• Real-Time Pipeline Management for internal staff and management.

• When uploading documents for review, the document categories will align with the Lender Submission Checklist.

• Standardized wording of underwriting conditions. 

• New and meaningful loan status naming conventions.

• Boilerplate underwriting conditions will now be separate from UW conditions.

• Lenders will have the ability to quickly and easily bring the underwriter’s attention to changes on approved loans within the ILRS.

• PFRS loan process change that will have the lenders uploading all documents directly into the ILRS. No separate system and no paper files.

• New system enhancement to include submitting outstanding collateral and trailing documents to our Servicing Department once the Agency has purchased a loan.

There will be training sessions offered on the dates listed below. 

Please make sure all staff that uses our systems attends one of the training sessions.

Please click one of the links below to register.

November 30, 2023 at 10:30 am - Register

December 1, 2023 at 10:30 am - Register

December 4, 2023 at 3:00 pm - Register

Questions? Need Help? 

If you have questions about one of our loan products or need help with a loan in the ILRS system, please e-mail your requests to SFLenders@njhmfa.gov.

Access Forms, Checklists, Policies, Previous Lender Bulletins, and More at the Lender Resources Page: www.njhousing.gov/lenders/lenderportal