New York Law In Federal Court? | The Weekly Friedman
April 16, 2025
Take a Look: What You Need to Know About Rent Receivers in New Jersey Foreclosures
April 29, 2025
NJ Senate Bill 3525 was passed March 24th and is pending the governor’s signature. This bill requires financial institutions to provide the option for biweekly and semi-monthly mortgage payments. It also requires that payment overages be applied directly to principal, and the option for extra payments to be directed to principal. Additionally, when conducting escrow analysis, financial institutions would be required to notify mortgagors on bi-weekly/semi-monthly payments of related changes to the amount of their payments and accept direct payments for the purpose of reducing escrow shortages. While this new law will require operations reviews for originators, banks, and servicers, the good news is that this applies only to mortgages originated six months after enactment, so there is good lead time to become compliant.
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