1. United States
2. N.J.
3. Letter

On behalf of the members of the National Pan-Hellenic Council, collectively known as the Divine Nine, we respectfully urge you to sign Assembly Bill A4893, sponsored by Assemblywoman Tennille R. McCoy, into law. This important legislation will help advance financial equity and economic empowerment for homeowners across New Jersey. Assembly Bill A4893 introduces critical reforms to modernize mortgage payment practices and expand borrower protections. Under this legislation, borrowers would be permitted to make biweekly or bimonthly mortgage payments without incurring penalties, and any excess paid beyond the annual total would be credited directly to the loan principal. Additionally, the bill prohibits financial penalties on early or additional principal payments, allowing borrowers to reduce interest costs and pay off their loans more efficiently. Implementing this bill could save homeowners up to $30,000 to $40,000 in interest and reduce the term of a 30-year loan by 8 to 10 years. These savings would enable homeowners to potentially put money back in their pockets for home renovations, funding their children's education, paying off debt, or even going on vacation. Assembly Bill A4893 is a practical and timely step toward ensuring fairer lending practices and expanding financial flexibility for homeowners. By eliminating penalties for early payments and providing alternative repayment schedules, this legislation fosters long-term financial stability, particularly for working families and first-time homebuyers striving to build generational wealth. We thank you for your continued leadership and respectfully request your support in signing this bill into law to benefit the people of New Jersey. Sincerely, Members of the Divine Nine Fraternities and Sororities Alpha Phi Alpha Fraternity, Inc. Alpha Kappa Alpha Sorority, Inc. Kappa Alpha Psi Fraternity, Inc. Omega Psi Phi Fraternity, Inc. Delta Sigma Theta Sorority, Inc. Phi Beta Sigma Fraternity, Inc. Zeta Phi Beta Sorority, Inc. Sigma Gamma Rho Sorority, Inc. Iota Phi Theta Fraternity, Inc.