May 08, 2019
New Jersey Enacts a Law to License Mortgage Loan Servicers
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On April 29, 2019, New Jersey joined the ranks of US states that license mortgage loan servicers when Governor Phil Murphy signed into law the Mortgage Servicers Licensing Act (the “Servicers Act”), which likely will be effective on July 28, 2019. This Legal Update discusses considerations for mortgage servicers in light of the Servicers Act—its licensing requirements, certain of its exemptions and its relationship to federal requirements.
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