Finance
In NJ, a 'mortgage broker' must register with the NJ Department of Banking and Insurance (DOBI) under which specific law?
AThe NJ Real Estate License Act
BThe NJ Residential Mortgage Lending Act (RMLA)✓ Correct
CThe NJ Consumer Fraud Act
DRESPA
Explanation
Mortgage brokers, lenders, and servicers in NJ must be licensed or registered with the NJDOBI under the NJ Residential Mortgage Lending Act (RMLA), which establishes requirements for consumer protection in residential mortgage origination.
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