New Jersey recently amended multiple provisions of its Residential Mortgage Lending Act (RMLA), including those relating to mortgage loan originator licensing and sponsorship.
The changes also affect fees licensed lenders and brokers may charge, branch office supervision, secondary mortgage loans and continuing education requirements.
The amendments take effect Nov. 22. The bill passed the state assembly 76-0 and the state senate 38-0 before being signed by the governor.
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