N.J. Admin. Code § 5:80-21.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:80-21.1 - General applicability

(a) The rules set forth within N.J.A.C. 5:80-21.1 through 21.4 shall apply to all servicers of Agency single family mortgage program loans upon:

1. Sale or transfer of a majority interest in the servicing company or entity;

2. Sale or transfer of a majority ownership interest of the holding company;

3. Sale or transfer of the portfolio of Agency loans to another service; or

4. Merger.

(b) The rules within this subchapter shall also apply to any change in the servicer's organizational structure, which in the Agency's determination, amounts to the type of transfer specified in (a) above. In determining whether a change in the servicer's organizational structure is a transfer subject to these rules, the Agency may consider:

1. Name change of servicer;

2. Change of location of servicer;

3. Staff changes by servicer;

4. Legal or other significant organizational changes in the servicer's structure; and

5. Compensation paid to the servicer.

(c) The rules within this subchapter shall not apply to loan originators who are not servicers or to newly originated loans that are being transferred from the originating lender to an approved servicer.

N.J. Admin. Code § 5:80-21.1

Amended by R.1997 d.523, effective 12/15/1997.
See: 28 New Jersey Register 4833(a), 29 New Jersey Register 5285(a).
Rewrote (a)1 through (a)3, inserted (a)4 and (b)5; and in (c), extended the exception to newly originated loans transferred to an approved servicer.