US EditionNew Jersey Act Sets Forth Financial Institution Obligations on Mortgage Payments - Weiner Brodsky Kider PC
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New Jersey Act Sets Forth Financial Institution Obligations on Mortgage Payments - Weiner Brodsky Kider PC
New Jersey recently enacted an act that requires financial institutions to allow borrowers in good standing to make biweekly and semi-monthly mortgage payments and, regardless of standing, to pay additional amounts to the mortgage loan principal without any penalty. Under the act, a financial institution is defined as a State charted bank, savings bank, savings and loan association, or credit union, licensed lender, or mortgage servicer subject…
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