Under the New Jersey Residential Mortgage Lending Act, what is required for a loan modification?

Under the New Jersey Residential Mortgage Lending Act, a loan modification requires written consent from all borrowers involved in the loan. This is essential because each borrower has a legal stake in the mortgage agreement, and modifying the terms of that agreement affects all parties. Therefore, obtaining written consent ensures that all borrowers are in agreement with the new terms, maintaining the integrity of the loan modification process.

In contrast, while other aspects such as approval from state regulators or new income verification documents may be relevant in different contexts within lending practices, they are not specifically mandated for the process of a loan modification under this particular act. A new loan application is also not a standard requirement for a loan modification; rather, it is the consent of all borrowers that is crucial for proceeding with the modification.