Under the New Jersey Residential Mortgage Lending Act, a mortgage broker is not supervised by which of the following?

The correct answer highlights that, under the New Jersey Residential Mortgage Lending Act, mortgage brokers are not supervised by federal bank regulatory agencies. This is significant because while mortgage brokers must comply with various state regulations and are subject to oversight from state regulatory bodies, their operations and activities primarily fall under state jurisdiction rather than federal.

The distinction arises from the differing roles and responsibilities of state versus federal agencies in this sector. State regulatory agencies enforce state law and ensure compliance with local regulations governing mortgage lending and brokering practices. Homebuyer protection agencies and consumer financial protection agencies also play roles that are often intertwined with state regulations, focusing on safeguarding consumer interests on a more localized level.

Federal bank regulatory agencies have a broader focus primarily on national banks and federal savings associations, not directly overseeing mortgage brokers who operate at the state level. Therefore, the lack of supervision by federal agencies is a critical understanding in recognizing the structure of regulatory oversight applicable to mortgage brokers in New Jersey.