Finance
The NJ Residential Mortgage Lending Act (RMLA) regulates mortgage lenders and brokers in NJ by requiring them to:
AOnly originate FHA loans
BBe licensed by the NJ Department of Banking and Insurance and comply with consumer protection lending standards✓ Correct
CObtain NJREC approval
DUse only NJ State Bank-employed appraisers
Explanation
The NJ RMLA requires mortgage lenders, servicers, and brokers to obtain licenses from the NJ Department of Banking and Insurance (DOBI) and comply with disclosure, practice, and consumer protection standards.
Related New Jersey Finance Questions
- In NJ, a 'hard money' loan used in real estate investment typically features:
- A conventional loan that exceeds the conforming loan limit set by the FHFA is called a:
- An amortized loan is one in which each payment:
- Under NJ law, a mortgage servicer who fails to provide timely payoff statements or releases of satisfied mortgages may be subject to:
- Under NJ's Mortgage Assistance Programs, income limits for eligibility are typically based on:
- A due-on-sale (alienation) clause in a mortgage requires:
- A NJ lender who charges a prepayment penalty on a residential mortgage loan must disclose this in the:
- The maximum conventional loan-to-value (LTV) ratio that avoids private mortgage insurance (PMI) is typically:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →