New Jersey mortgage bankers and brokers don't seem to be in much of a hurry to get their licensing paperwork in through the National Mortgage Licensing System and Registry, according to a recent tally done by the state Department of Banking, Insurance and Regulation.
In a recent bulletin, the state said that of the 729 mortgage firms licensed through the Licensed Lenders Act, only 489 had "commenced the application process" under the succeeding act, the Residential Mortgage Licensing Act.
The state is telling mortgage firms it oversees that late filers face no guarantees and it's possible they might have to cease funding or brokering loans by July 31 because their business registrations will have expired under the old LLA.
"The Department has completed its review of essentially all of those timely filed applications," the DOBI said in a bulletin.
