In 2019, Governor Phil Murphy signed nine new laws that affect New Jersey foreclosures. The laws aim to help homeowners and reduce foreclosures. This article describes the law that relates to licensing requirements for residential mortgage lending.

Residential mortgage lenders are usually the companies that provide the actual money for a mortgage. Many homeowners do not communicate with the residential mortgage lender after the original mortgage loan closing.

Under the new law, many out-of-state lenders now must be licensed with NJ DOBI. There are other duties, also. 

For more information about other important sections of the laws, click on one of the topics below.

• Sheriff’s Sale Delays (N.J.S.A. 2A:50-64)
• Statute of Limitations (N.J.S.A. 2A:50-56.1)
• Foreclosure Mediation (N.J.S.A. 2A:50-56, N.J.S.A. 2A:50-74, and NJ Court Rule 4:64-1B)
• Reinstatement (“Restart”) of a Foreclosure Action (N.J.S.A. 2A:50-56.3 and NJ Court Rule 4:64-8)
• Creditor Contact Information (N.J.S.A. 46:10B-51)
• Condominium and Homeowner Association Lien Super-Priority (N.J.S.A. 46:8B-21 and N.J.S.A. 45:22A-44.1)
• Vacant and Abandoned Residential Property (N.J.S.A. 2A:50-73)
• Mortgage Servicers Licensing Act (N.J.S.A. 17:16F-27 and N.J.S.A. 17:1C-34)​​

The “citations” (letters and numbers next to each section title) are codes used to find laws online or in a law library. ​​​

This information last reviewed: Dec 10, 2019