In New Jersey, which individuals are exempt from the licensing requirement under the Residential Mortgage Lending Act?

Individuals lending their own money from their own funds are exempt from the licensing requirement under the Residential Mortgage Lending Act in New Jersey. This exemption is based on the principle that these individuals are not engaged in the business of mortgage lending as defined by the Act. Instead, they are simply utilizing their personal finances to offer loans to borrowers. This scenario represents private lending, which is not subject to the same regulations as licensed mortgage lenders who operate on a larger, commercial scale.

In contrast, the other options involve individuals who are either participating in the broader mortgage lending industry or who have competencies that, while beneficial, do not qualify for an exemption from licensing. For instance, having a real estate license or completing a loan officer course indicates a professional status that requires regulation, and working for a mortgage company certainly entails activities governed by the Residential Mortgage Lending Act. Therefore, the correct choice emphasizes the distinction between personal financial transactions and formal mortgage lending businesses.