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Code · New Jersey · Title 43 — Property · Chapter 16A

43:16A-16.12 Administration of mortgage loan program.

130 words·~1 min read·/nj/title-43/chapter-16a/43-16a-16-12·

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5. The board of trustees shall delegate the administration of this mortgage loan program to the New Jersey Housing and Mortgage Finance Agency established under section 4 of P.L.1983, c.530 (C.55:14K-4). The agency shall: a. originate loans; b. appraise the value of any real property eligible to be mortgaged under this act; c. guarantee and insure title to the real property; and d. perform any other service necessary to accomplish the purposes of this act in a manner consistent with the protection of the rights of beneficiaries of the retirement system.
The cost of the performance of these services in connection with the making of a mortgage loan shall be charged to the borrower and included in the amount of that mortgage loan.
L.1992, c.78, s.5; amended 2018, c.55, s.22.
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