Which of the following is a primary objective of the New Jersey Residential Mortgage Lending Act?

The primary objective of the New Jersey Residential Mortgage Lending Act is to protect consumers from unfair lending practices. This protective measure is crucial in ensuring that consumers have access to transparent and fair terms when obtaining a mortgage. The Act establishes guidelines and regulations that lenders must follow, promoting ethical lending practices and safeguarding borrowers against predatory behavior and discrimination. By emphasizing consumer protection, the Act helps to maintain the integrity of the mortgage lending process and fosters trust between lenders and borrowers.

The other choices do not encapsulate the core focus of the Act. Regulating interest rates for all types of loans is not within its scope, as the law primarily addresses practices rather than setting rates. Similarly, while some mortgages might be federally insured, the Act does not mandate that all mortgages need this insurance. Lastly, limiting the number of mortgage lenders contradicts the concept of a competitive market, which is ultimately beneficial for consumers seeking the best mortgage options. Thus, the emphasis on consumer protection is the clear priority of the New Jersey Residential Mortgage Lending Act.