Under New Jersey anti-predatory lending provisions, which of the following loan terms would trigger high-cost mortgage protections for a first-lien mortgage?
Correct Answer
D) APR exceeds the average prime offer rate by 6.5 percentage points
New Jersey's high-cost mortgage threshold for first-lien loans is triggered when the APR exceeds the average prime offer rate by 6.5 percentage points, which is higher than federal thresholds.
Why This Is the Correct Answer
New Jersey's high-cost mortgage threshold for first-lien loans is triggered when the APR exceeds the average prime offer rate by 6.5 percentage points, which is higher than federal thresholds.
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