17:16F-35 Exemptions to maintain adequate records.
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/nj/title-17/chapter-16f/17-16f-35A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
9. a. A mortgage servicer licensee and person exempt from licensure pursuant to paragraph
(4)of subsection b. of section 3 of this act shall maintain adequate records of each residential mortgage loan transaction at the office named in the mortgage servicer or residential mortgage lender license, or, if requested by the commissioner, shall make the records available at the office or send the records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested by the commissioner to do so. Upon request, the commissioner may grant a licensee additional time to make the records available or send them to the commissioner. The records shall provide the following information:
(1)a loan history for residential mortgage loans upon which payments are received or made by the mortgage servicer, itemizing the amount and date of each payment and the unpaid balance at all times;
(2)the original or an exact copy of the note, residential mortgage or other evidence of indebtedness;
(3)the name and address of the residential mortgage lender, and mortgage broker, if any, involved in the residential mortgage loan transaction;
(4)copies of any disclosures or notifications provided to the mortgagor required by State or federal law;
(5)a copy of any bankruptcy plan approved in a proceeding filed by the mortgagor or a co-owner of the property subject to the residential mortgage loan;
(6)a communications log that documents all verbal communications with the mortgagor or the mortgagor's representative; and
(7)a copy of all notices sent to the mortgagor related to any foreclosure proceeding filed against the encumbered property.
b. Every mortgage servicer licensee and person exempt from licensure pursuant to paragraph
(4)of subsection b. of section 3 of this act shall retain the records of each residential mortgage loan serviced for not less than two years following the final payment on the residential mortgage loan, or the assignment of the residential mortgage loan, whichever occurs first, or a longer period as may be required by any other provision of law. Every mortgage servicer licensee and person exempt from licensure pursuant to paragraph
(4)of subsection b. of section 3 of this act shall keep and use in its business books, accounts and records that will enable the commissioner to determine whether the mortgage servicer is complying with the provisions of this act.
L.2019, c.65, s.9.