Attention Lenders:
As a reminder, NJHMFA will be requiring a new Truth-In-Lending (TIL) Statement to replace the currently required Down Payment Assistance (DPA) Closing Disclosure (CD) and Loan Estimate (LE) documents for all loans originated on or after
June 1, 2019
.
The change is being made in response to Lender requests for simplification of the DPA disclosure process. Providing both an Initial and Final TIL Statement while also disclosing the funds on the LE and CD for the purchase money mortgage will satisfy the compliance and disclosure standards for the NJHMFA DPA products.
A fillable version of the TIL Statement form is available on the Lender’s Resource Page, referenced below, and can be used immediately.
After June 1, the separate CD and LE will no longer be accepted documentation for disclosing NJHMFA DPA loans.
If for any reason you are unable to comply with the process change timeline, please email SFLenders@njhmfa.gov to discuss any issues and possible solutions.
