New Jersey RMLA-Licensed Mortgage Servicer Registration

GENERAL INFORMATION Who Is Required to Have This Registration? A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person’s books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder’s obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. Any licensed residential mortgage lender pursuant to the “New Jersey Residential Mortgage Lending Act” P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer seeking to engage in mortgage servicing activity must apply for the NJ RMLA-Licensed Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65. Activities Authorized Under This License This license authorizes the following activities… • First Mortgage Servicing • Third Party First Mortgage Servicing • Third Party Subordinate Lien Mortgage Servicing • Subordinate Lien Servicing • Reverse Mortgage Servicing • Mortgage Loan Modifications • Master Servicing The New Jersey Department of Banking and Insurance does not issue paper registrations for this license type.