The New Jersey Department of Banking and Insurance (Department) issued a bulletin amending the definition of a “high-cost home loan” under the Home Ownership Security Act of 2002 (HOSA). In the bulletin, the maximum principal amount that will result in a loan being considered a high-cost home loan is increased to $477,744.15. The new maximum principal amount will be effective for all completed applications on loans that may be subject to HOSA received by the lender on or after January 1, 2017.
See New Jersey Department of Banking and Insurance website for the full text of the bulletin: http://www.state.nj.us/dobi/bulletins/blt16_13.pdf
