What defines a Residential Mortgage Broker according to New Jersey law?

In New Jersey, a Residential Mortgage Broker is defined as any non-exempt person who engages in negotiating mortgage loans. This definition encompasses individuals and entities that facilitate mortgage transactions by connecting borrowers with lenders, without being limited to any specific type of employment or organizational structure. This means that as long as a person is not exempt from the regulations established under the New Jersey Residential Mortgage Lending Act, they qualify as a mortgage broker if they perform activities related to negotiating loans.

The emphasis on "non-exempt" means that certain individuals, such as those working exclusively for a bank or lending institution, may not need to be licensed as mortgage brokers under this law, distinguishing them from independent brokers. By establishing this clear definition, New Jersey law ensures that all entities involved in mortgage negotiations meet a consistent standard of regulation, providing consumer protection and promoting fair practices in residential lending.