What must all residential mortgage lenders ensure according to New Jersey law?

New Jersey law mandates that all residential mortgage lenders adhere to both state and federal regulations. This requirement ensures that lenders operate within the legal framework designed to protect consumers, promote fair lending practices, and maintain the integrity of the mortgage lending industry. Compliance with these regulations includes, but is not limited to, requirements for licensing, disclosure of loan terms, handling of borrower information, and adherence to anti-discriminatory lending practices.

By requiring adherence to both state and federal regulations, the law provides a structure that fosters accountability and transparency in lending, which is crucial for consumer protection. This is especially important in the context of mortgage lending, where the stakes are high for borrowers. Understanding this obligation helps ensure that lenders are not only following New Jersey’s specific guidelines but also the broader regulations that apply across the nation, thereby safeguarding borrower rights.