June 16, 2021
Lender Bulletin 2021-3:
NJHMFA Document Updates for Down Payment Assistance (DPA)
Effected Programs: DPA
Effective Date: 7/1/21
Due to the current health concerns related to COVID-19, the vast majority of NJHMFA staff will be working remotely until further notice. Please contact Agency staff via their work email address. NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  
Attention Lenders:
NJHMA has made some changes to the below listed loan documents. Lenders must begin using the updated documents no later than July 1, 2021. Loans originated on or after July 1, 2021 will be reviewed in accordance with the document changes below. 
Fillable versions of these forms are currently available on the Lender’s Resource Page, referenced below. You may begin using these documents immediately, and all loans originated on or after July 1, 2021 must utilize the new forms.  
These are the changes to the NJHMFA Documents:
Initial Truth-in-Lending (TIL) :
The Initial Truth-in-Lending (TIL) Statement used to disclose the Down Payment Assistance Program (DPA) has been renamed the NJHMFA Down Payment Assistance Disclosure. This change in name will not impact the timing requirements associated with DPA disclosure. Lenders are still required to use this document to disclose the DPA simultaneously with the initial Loan Estimate.
Final Truth-in-Lending (TIL):
NJHMFA has previously required lenders to use our version of the Final TIL. In order to provide additional ease of use and flexibility for lenders, NJHMFA will now also allow lenders to submit a Final TIL Template for NJHMFA to review for use. Once approved by NJHMFA, the lender may use their TIL version for future loans. Lenders must continue to use the NJHMFA Final TIL until they receive approval to use their version. Lenders that prefer to use the existing NJHMFA Final TIL Template may continue to do so.

Smart Start and Home Seeker DPA Mortgage:
Section 5 has been updated to correct a paragraph reference from Section 7 to Section 5
Section 9 has had duplicate language removed
Section 13 has been updated to include the term “is transferred or conveyed”
Section 14 has been updated to include new language regarding the acceleration clause.
Section 15 has been updated to correctly reference section 14, and not Section 17.

If for any reason you are unable to comply with the above process change timeline, please email  SFLenders@njhmfa.gov to discuss any issues and possible solutions.
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 on the NJHMFA Lender Portal

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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov