The New Jersey Department of Banking and Insurance issued a bulletin amending the high-cost home loan limit under the Home Ownership Security Act of 2002 (HOSA). Under the HOSA, a home loan is not deemed a high-cost home loan if the home loan exceeds a principal amount threshold (that adjusts annually). For 2018, the principal amount threshold is $487,618.86 (increased from $477,774.15). Home loans in excess of $487,618.86 are not subject to the HOSA. Home loans of $487,618.86 or less may be subject to the HOSA if the home loan also meets an APR, or points and fees threshold. The new principal amount threshold is effective for all completed loan applications received by the lender on or after January 1, 2018.
See New Jersey Department of Banking and Insurance website for the full text of the bulletin: http://www.state.nj.us/dobi/bulletins/blt17_10.pdf
