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During a New Jersey new-license application, a loan file reviewer must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

A) A New Jersey residential mortgage lender is a person who for compensation or expected compensation takes an application, offers, negotiates, originates, or acquires residential mortgage loans in the primary market.

A New Jersey residential mortgage lender is a person who for compensation or expected compensation takes an application, offers, negotiates, originates, or acquires residential mortgage loans in the primary market.

Answer Options
A
A New Jersey residential mortgage lender is a person who for compensation or expected compensation takes an application, offers, negotiates, originates, or acquires residential mortgage loans in the primary market.
B
Use only the federal baseline and ignore the separate New Jersey state requirement.
C
Apply the rule only after the New Jersey regulator has already opened an examination.
D
Skip the New Jersey requirement because the company already follows general SAFE Act procedures.

Why This Is the Correct Answer

A New Jersey residential mortgage lender is a person who for compensation or expected compensation takes an application, offers, negotiates, originates, or acquires residential mortgage loans in the primary market.

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