The new Updated Uniform Mortgage (New Jersey, Single Family, Fannie Mae/Freddie Mac, Uniform Mortgage, Form 3031, 7/2021), mandatory on or after Jan. 1, 2023, does not contain a waiver of the borrower’s statutory right to claim a credit against mortgage interest under N.J.S.A. 54:4-33, although all former versions did. (See Weinstein, 29 N.J. Prac., Law of Mortgages § 14.4 (2d ed.) This is a critical omission in the author’s view and provides borrowers using the Updated Mortgage with the statutory right to claim the credit substantially reducing their mortgage interest. 

Unless waived, borrowers may claim a credit under N.J.S.A. 54:4-33: