N.J. regulator finds conflict between RESPA, state disclosure requirements
Thomas Considine, commissioner of New Jersey’s Department of Banking and Insurance notified lenders and title agents that RESPA’s new disclosure requirements do not comply with state law. He stated that the department will recommend future amendments to state law to conform to the federal regulations, but until then, industry members are still to comply with both federal and state laws. Read on to find out how this can be done.
(8/23/2010)
The Department of Banking and Insurance commissioner in New Jersey issued a bulletin on Aug. 2 to clarify fee disclosure requirements under New Jersey law while maintaining compliance with the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement forms.
Under Bulletin No. 10-17, Commissioner Thomas Considine said the new RESPA forms that became effective on Jan. 1 as part of the Department of Housing and Urban Development’s (HUD) final rule are not consistent with what is required for fee disclosures under the New Jersey Administrative Code.
Art Oswald
Learntitle.com, LLC dba CyberLearnPro.com
551 404 5341
The richest man is not the one with the most stuff – it is the one with a satisfied mind.
Posted via email from Title Insurance
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