Which individuals must possess a license according to the New Jersey Residential Mortgage Lending Act?

The correct answer highlights that licensed mortgage loan originators are required to possess a license under the New Jersey Residential Mortgage Lending Act. This regulation is essential because mortgage loan originators directly engage in facilitating mortgage loans for borrowers, which involves ensuring compliance with state and federal laws concerning lending practices. By requiring them to be licensed, the act aims to uphold ethical standards and protect consumers from potential misconduct in the lending process.

This requirement is based on the role and responsibilities that mortgage loan originators hold in the industry. They not only provide advice and assistance to consumers seeking loans but also interact with lenders, requiring a clear understanding of lending regulations and practices. Licensing ensures that they have met certain educational and professional standards, demonstrating their qualifications to handle such critical financial transactions.

The other options do not correctly identify the individuals required to be licensed under this specific act. While commercial real estate agents and property developers play their roles in real estate transactions, they are not obligated to hold a mortgage loan originator's license unless they are involved in the act of originating loans. Furthermore, not all real estate agents require licensing under this act, as their functions may not necessarily include mortgage origination. License stipulations are specifically tailored to those who engage directly in loan origination to establish professionalism and