Welcome to the NJAMB Website.

Thank you for visiting the New Jersey Association of Mortgage Brokers' (NJAMB) website! We hope you find this site a useful tool to help you facilitate doing business, keeping abreast of changes in the industry and providing useful information to consumers. If you have comments or suggestions about how we can improve this site please let us know!

If you are not currently a member, please consider the benefits of becoming a member. Click on the link on the left for Member Benefits or complete our online application.

If you have any questions please feel free to send me an e-mail.

Sincerely,

Joseph Heisler
President NJAMB

 

The New Jersey Association of Mortgage Brokers (NJAMB) is the Association that represents the mortgage broker on legislative and regulatory issues by lobbying in the New Jersey Senate and Assembly as well as by working with representatives of the Department of Banking and Insurance (DOBI) on policy and regulatory matters.

In 2006, we have a new Commissioner of DOBI and will have a new Director of the Banking Division that deals with mortgage bankers and brokers (in addition to any other positions that may be filled within the Department). We also have a new Governor and Assembly Speaker beginning in 2006. Therefore, it will take some time for us to be able to fully assess the political mood of the new state government and to provide our members with an evaluation as to how likely it will be that some of our proposals or positions on legislation or regulation will be adopted. With this in mind, the following are some of the matters that the NJAMB Board intends to address:

• Amend existing law which prohibits prepayment fees in New Jersey. NJAMB's proposal would permit such fees in the first three years of the mortgage loan providing for 3 points in the first year, 2 points in the second and 1 point in the third.
• Amend the New Jersey Home Ownership Security Act (NJHOSA) by removing Yield Spread Premiums (YSP's) from the calculation of points and fees that trigger the High Cost Home Loan category.
• Provide by statutory amendment, by regulation or by legal interpretation of current law that mortgage brokers can broker secondary mortgage loans without the need for a secondary mortgage loan license where no fees are charged to the borrower.
• Amend the proposed Residential Mortgage Fraud law to delete the reference in the Bill's statement to mortgage brokers and change the definition to include investment properties and second homes. Further to clarify other provisions in the Bill so existing mortgage products are not detrimentally impacted.

We will keep our members advised of the progress on these and other matters that the Board determines need to be addressed during the year.