The New Jersey Department of Banking and Insurance issued a bulletin amending the high-cost home loan limit under the Home Ownership Security Act of 2002 (HOSA). Under the HOSA, a home loan is not deemed a high-cost home loan if the home loan exceeds a principal amount threshold (that adjusts annually). For 2022, the principal amount threshold is $527,669.59. Home loans in excess of $527,669.59 are not subject to the HOSA. Home loans of $527,669.59 or less may be subject to the HOSA if the home loan also meets an APR, or points and fees threshold. The new principal amount is effective for all completed loan applications received by the lender on or after January 1, 2022.
Click to view the NJ Bulletin 22-02: https://www.tenaco.com/wp-content/uploads/2022/01/NJ-Bulletin-22-02-01-07-22.pdf
