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New Jersey Increases High Cost Loan Amount

The New Jersey Department of Banking and Insurance issued Bulletin No.13-20, which addresses the annual review required in the New Jersey Home Ownership Security Act of 2002's definition of a "high cost home
loan." The Act requires an annual adjustment of the maximum principal amount that will result in a loan being considered a high cost home loan, among other triggering provisions. The maximum principal amount will increase to $452,288.55, and will apply to all loans for which the lender has received a completed application on or after January 1, 2014

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