Fillable New Jersey Housing & Mortgage Finance Agency Participation (NJHMFA)

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New Jersey Housing & Mortgage Finance Agency Participation (NJHMFA)

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The New Jersey Housing & Mortgage Finance Agency Participation (NJHMFA) form is 16 pages long and contains:

  • 3 signatures
  • 21 check-boxes
  • 178 other fields

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File type: PDF

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1
New Jersey Housing & Mortgage Finance Agency
Participation Application
THE UNDERSIGNED APPLICANT HEREBY OFFERS TO PAY THE NEW JERSEY HOUSING &
MORTGAGE FINANCE AGENCY (the “NJHMFA”) a Participation Fee in consideration for the
NJHMFA’s approval to participate in the Agency’s Single Family programs. If approved, the
Applicant may sell mortgage loans to the Agency under the Single Family Mortgage Programs
and is required to execute the NJHMFA Mortgage Purchase Agreement. A $2,000 annual
participation fee is required to be paid by the lender upon acceptance of the approval.
This participation Application is and shall be incorporated as part of the Mortgage Purchase
Agreement between the NJHMFA and the Applicant.
PLEASE FURNISH THE INFORMATION REQUIRED ON EXHIBIT A OF THIS PARTICIPATION
APPLICATION.
IN WITNESS THEREOF, the undersigned has caused this Participation Application to be duly
executed on the ________ day of _______________, 20 _____.
Name of Applicant____________________________________________________
Address: ___________________________________________________________
City ______________________________ State _____________ Zip ___________
Phone: ___________________________
Fax:____________________________
e-mail: ____________________________
2
I certify that I am authorized to act on behalf of the Applicant and to enter into
agreements and contracts for the same. I further certify that the foregoing information and
attachments are, to the best of my knowledge, true and complete. It is understood that the
NJHMFA is relying upon this information. It is further understood that any false statements or
misrepresentations may subject me and/or the undersigned entity to termination of
participation in this or other NJHMFA programs and other sanctions, as may be provided by
law.
It is understood and agreed that as a condition to participating in the NJHMFA’s
programs, Lender/Seller must meet and continue to meet NJHMFA guidelines and
qualifications.
___________________________________
LENDING INSTITUTION
Attesting Witness:_________________________
___________________________________
Signature
___________________________________
Name (print)
___________________________________
Title
(Corporate Seal)
click to sign
signature
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3
For a corporation or limited liability corporation.
STATE OF )
ss.:
COUNTY OF: )
BE IT REMEMBERED, that on _______________________________, 20 _____, before me, the
subscriber, personally appeared _____________________________ (signee) who, being by me
duly sworn on his/her oath, deposes and makes proof to my satisfaction that he/she is the
Secretary of the lending corporation named in the within certification; that
_______________________________ is the __________________________________
of said Corporation; that the execution, as well as the making of this Instrument, has been duly
authorized by a proper resolution of the Board of Directors of said Corporation; that deponent
well knows the corporate seal of said Corporation, and that the seal affixed to said Instrument
is the proper corporate seal and was thereto affixed and said Instrument signed and delivered
by the signer as and for the voluntary act and deed of said Corporation, in the presence of
deponent, who thereupon subscribed his/her name hereto as attesting witness.
SWORN and subscribed before me on the Date Aforesaid.
__________________________________
(Notary or Attorney)
__________________________________
Secretary
Seal
4
Exhibit A
Please fill out the following information:
1. Applicant was organized on ____________ under the laws of _______________.
2. Check if applicant is:
A mortgage banker licensed by the state of New Jersey.
A correspondent mortgage banker licensed by the state of New Jersey.
N.J. bank, savings and loan or other registered entity.
A federally chartered lending institution.
Other (specify) _______________________________________________________
3. Provide a copy of your company’s current licenses to originate loans in New Jersey or, if
not, governed by the New Jersey Department of Banking & any such other authority to
originate mortgage loans and to do business in the state.
4. Provide a copy of your New Jersey Business Registration Certificate.
If out-of-state organization, address & contact person in a New Jersey office:
Branch Address: _____________________________________________ _____
Contact: ____________________________________________________ _____
Phone: ______________________________ Fax: __________________ ________
5. Check if the applicant is:
Fannie Mae approved seller
Freddie Mac approved seller
FHA approved mortgagee
VA approved mortgagee
USDA (U.S. Dept. of Agriculture) approved mortgagee
Provide appropriate approvals as indicated.
5
6. Provide proof that the lender’s FHA Neighborhood Watch comparison ratio does not
exceed 120% of that agency’s national, state or local regional office.
7. Attach two copies of the most recent independent audit on the Lender. If financial
reports have been prepared for an accounting period since the most recent audit, also
attach a copy of each such financial report marked “Unaudited”. (Lenders new to our
programs need to include the past three years’ financials.)
8. Provide proof that net worth is equal to or in excess of requirements mandated by FHA
or Fannie Mae, whichever is higher.
9. Please check all boxes that are applicable:
Smart Start Mortgage Loan Down payment Assistance Program
Homeward Bound – First Mortgage Purchase Loan Program
Stay at Home - FHA and VA Streamline Refinance Program
PFRS – Police and Firemen’s Retirement System Mortgage Loan Program
First Time Homebuyer
10. Please provide your Branch information below and state if you would like this
information used on the Agency’s Approved Lender List. This list is disseminated at
outreach events throughout the State of New Jersey and is posted on the HMFA
website.
Corporate Office
Address: _____________________________________________________
City, State & Zip: _______________________________________________
Branch Phone #: __________________________
Phone # (Consumers): __________________________
800 # (if applicable):__________________________
Website address: __________________________
Email: ________________________________________
Yes, this Branch should be on the HMFA Approved Lender List
Main Branch (If different from Corporate Office.)
Address: _____________________________________________________
City, State & Zip: _______________________________________________
Branch Phone #: __________________________
6
Phone # (Consumers): __________________________
800 # (if applicable):__________________________
Website address: __________________________
Email: ________________________________________
Yes, this Branch should be on the HMFA Approved Lender List
Branch 1 (If there are more than two branches, please use additional copies of this
form.)
Address: _____________________________________________________
City, State & Zip: _______________________________________________
Branch Phone #: __________________________
Phone # (Consumers): __________________________
800 # (if applicable):__________________________
Website address: __________________________
Email: ________________________________________
Yes, this Branch should be on the HMFA Approved Lender List
Branch 2
Address: _____________________________________________________
City, State & Zip: _______________________________________________
Branch Phone #: __________________________
Phone # (Consumers): __________________________
800 # (if applicable):__________________________
Website address: __________________________
Email: ________________________________________
Yes, this Branch should be on the HMFA Approved Lender List
11. Please list information below for your Internet Loan Reservation System
Administrator.
This individual will be responsible for granting and managing loan officers’ access to the
ILRS.
Name: _____________________________________
Title: ______________________________________
Phone: __________________________ Ext: _________
Email: ________________________________
12. Please identify the main person and a secondary backup at your institution to which
general correspondence, bulletins and revisions to the Seller’s Guide should be
addressed. This main contact is responsible for getting all information disseminated to
your staff at all your branches.
7
Name: ____________________________
Title ______________________________
Address: __________________________
Phone: ____________________________
__________________________________
Fax: ______________________________
__________________________________
e-mail: ____________________________
Name: ____________________________
Title ______________________________
Address: __________________________
Phone: ____________________________
__________________________________
Fax: ______________________________
__________________________________
e-mail: ____________________________
Please identify any other persons you would like to receive general correspondence and
e-mails.
Name: ____________________________
Title ______________________________
Address: __________________________
Phone: ____________________________
__________________________________
Fax: ______________________________
__________________________________
e-mail: ____________________________
Name: ____________________________
Title ______________________________
Address: __________________________
Phone: ____________________________
__________________________________
Fax: ______________________________
__________________________________
e-mail: ___________________________
13. Submit resumes of all FHA Direct Endorsement Underwriters along with their CHUMS #.
14. Provide a quality control plan for loan origination, along with approvals from applicable
insurers and guarantors.
15. Lender must have fidelity bond and mortgage errors and omissions coverage in an
amount at least equal to $500,000 and provide a certificate from the insurance carrier
naming the New Jersey Housing and Mortgage Finance Agency as a party in interest to
the bond, or the policy shall name the New Jersey Housing and Mortgage Finance
Agency as one of the parties insured.
8
16. Provide a copy of the lender’s hiring procedures for checking all employees, including
management, involved with the origination of mortgage loans against the GSA
Exclusionary List and the HUD LDP list.
17. Provide a copy of the lender’s policy regarding compensation of all staff considered as
loan originators under CFPB regulations.
18. Provide a copy of the lender’s appraiser independence policies and procedures which
shall, at a minimum, satisfy Fannie Mae Appraiser Independence requirements.
19. Mortgage Loan Origination and Servicing Information.
The following information should be supplied only on 1 to 4 family mortgages originated
and serviced by the Lender during the applicable periods. (Please list dates for each
quarter, e.g., 3/01, 6/01, etc.)
Mortgage Loans
Originated
Previous Four Quarters
/ /
/ /
/ /
/ /
FHA
#
$
VA
#
$
USDA
#
$
Conventional Privately
Insured
#
$
Conventional Uninsured
#
$
Total #:
All Types $:
0
0.00
0
0.00
0
0.00
0
0.00
0
0.00
9
NOTICE
Attached please find a copy of the NJHMFA form WAREHOUSE LENDER REPRESENTATIONS AND
CONVENANTS REGARDING BAILEE LETTERS, HMFA #725.
Please sign below, check off whether you use a warehouse bank and return this notice.
We must have a response from you whether you use a warehouse bank or not.
If you use a warehouse bank(s), we will need a signed-unaltered copy of the HMFA #725
from each one. Once you have received a signed HMFA #725 from each warehouse bank you
use, please forward them to the Consumer Lender Coordinator at SFLenders@njhmfa.gov. You
must notify us, if at any time, you stop using a particular warehouse lender. Should you
begin using a new warehouse lender, they are required to execute the HMFA #725 and send us
the original.
____________________________________
Name of Lender (print)
____________________________________
Signature
____________________________________
Title
Date: ________________________________
No, we do not use a warehouse lender.
Yes, we use warehouse lender(s) and will forward executed HMFA #725 forms.
List warehouse lenders below:
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
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signature
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10
WAREHOUSE LENDER REPRESENTATIONS & COVENANTS
REGARDING BAILEE LETTERS
Warehouse Lender: ___________________________________________________________
Warehouse Lender Address:
____________________________________________
____________________________________________
Hereinafter the "Warehouse Lender".
In order to induce the New Jersey Housing & Mortgage Finance Agency ("HMFA") to accept and agree to
be bound by the terms of the Warehouse Lender's Bailee Letter, the Warehouse Lender, by its duly
authorized representative, whose signature appears below, represents and covenants to the HMFA as
follows:
1) As a condition of the HMFA's acceptance of the Warehouse Lender's Bailee Letters, the
Warehouse Lender agrees that any claims asserted against the Agency shall be subject to the
New Jersey Contractual Liability Act, N.J.S.A. 59:13-1 et. seq. (except for N.J.S.A. 59:13-9
thereof.) While this statue is not applicable by its terms to claims arising under this agreement
with the Agency, the Warehouse Lender agrees that it shall be applicable to claims arising under
any Bailee Letter. It is acknowledged by the Warehouse Lender that the HMFA is a public entity
covered by the provisions of the New Jersey Tort Claims Act, N.J.S.A. 59:1-1 et. seq.
2) The Warehouse Lender shall indemnify and hold the HMFA harmless from, and shall reimburse
the HMFA for, any losses, damages, liabilities, deficiencies, claims, causes or action or costs and
expenses of any nature, including attorneys' fees and cost, incurred by the HMFA that result
from any act or omission of the HMFA taken at the direction of the Warehouse Lender.
3) The representations and covenants of the Warehouse Lender contained herein are continuing
and of general and binding applicability to all Bailee Letters that the Warehouse Lender shall
submit to the HMFA.
4) The Warehouse Lender acknowledges and agrees that the HMFA may at any time and without
cause or explanation refuse to accept future Bailee Letters. In such event, the HMFA will notify
the Warehouse Lender and return the Bailee Letter and the mortgage loan documents delivered
by the Warehouse Lender in anticipation of bailment.
Signature Name:
(print)
Date: Title:
(print)
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New Jersey Housing & Mortgage Finance Agency Participation (NJHMFA)

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Completed 21 July 2020

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