NJ Banking Department Publishes New Model Application Disclosure

The NJ Deparment of Banking and Insurance, Division of Banking, has established a new model application disclosure.  The Disclosure, required pursuant to N.J.A.C. 3:1-16.3, is consistent with the federal requirements in TRID-the Loan Estimate and the Closing Disclosure.  The Department has posted the disclosure on its web site at "NJ Application Disclosure Form" . When posting the new model form, the Department advised that, beginning January 1, 2018, the new model form must be used, preferably in a two-sided single sheet format, and that a copy of the completed form must be provided to the applicant(s) and maintained in the loan file.  However, we recommend that the form be utilized as soon as practicable.