Who must comply with the licensing requirements of the New Jersey Residential Mortgage Lending Act?

The correct answer emphasizes that all individuals and entities involved in mortgage lending in New Jersey must comply with the licensing requirements set forth by the New Jersey Residential Mortgage Lending Act. This includes not only banks and credit unions but also mortgage brokers, mortgage lenders, and any individuals who engage in the business of residential mortgage lending.

The act is designed to ensure that all participants in the mortgage lending process adhere to specific standards, thereby promoting ethical lending practices and protecting consumers. Licensing requirements typically involve background checks, continuing education, and adherence to state regulations, which help maintain the integrity of the lending industry and safeguard consumer interests.

In this context, it is important to recognize that limiting compliance to just banks and credit unions or focusing solely on federal licensed mortgage lenders does not reflect the comprehensive nature of the legislation. Moreover, real estate agents, while crucial to the home buying process, do not solely fall under the licensing obligations of this act unless they are directly engaged in mortgage lending activities.