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Under the New Jersey Licensed Lenders Act, which of the following activities would require a mortgage banker license?

Correct Answer

C) Taking residential mortgage loan applications for compensation

Taking residential mortgage loan applications for compensation constitutes mortgage banking activity under the Licensed Lenders Act and requires appropriate licensing.

Answer Options
A
Offering financial planning services without mortgage origination
B
Providing real estate brokerage services only
C
Taking residential mortgage loan applications for compensation
D
Servicing existing mortgage loans without origination activities

Why This Is the Correct Answer

Taking residential mortgage loan applications for compensation constitutes mortgage banking activity under the Licensed Lenders Act and requires appropriate licensing.

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