What type of license must non-exempt individuals hold to take residential mortgage loan applications?

Non-exempt individuals in New Jersey must hold a mortgage loan originator license to take residential mortgage loan applications. This requirement is established under the New Jersey Residential Mortgage Lending Act, which regulates the licensing of individuals and entities involved in residential mortgage lending.

The mortgage loan originator license ensures that the individual has met specific educational and testing requirements that demonstrate their understanding of mortgage products, the lending process, and the laws governing mortgage lending. This licensing is crucial for protecting consumers and ensuring that those involved in facilitating residential mortgage loans are knowledgeable and compliant with the law.

In contrast, a business license generally pertains to the legal operation of a business entity and does not specifically validate an individual's authority to handle mortgage applications. A mortgage broker license, while related, is typically required for businesses rather than individuals who are directly interacting with consumers. Lastly, a real estate license pertains to the buying and selling of properties and does not include the authority to process mortgage applications. Thus, the mortgage loan originator license is the designation that is specifically needed in this context.