New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 2 - LICENSING
Section 3:15-2.11 - Licensing examination requirements for mortgage loan originators and qualified individual licensees

Universal Citation: NJ Admin Code 3:15-2.11

Current through Register Vol. 56, No. 18, September 16, 2024

(a) An applicant for a new license as a mortgage loan originator or qualified individual licensee shall pass, as a pre-licensing requirement:

1. A national written test developed by the NMLSR and administered by a test provider approved by the NMLSR; and

2. A State-specific written test, developed by the NMLSR in consultation with the State, and administered by a test provider approved by the NMLSR.

(b) The national written test and State-specific test which shall examine, at a minimum, the applicant's knowledge of the topics listed below:

1. Federal and State statutes and regulations pertaining to mortgage loan origination;

2. Other Federal and State statutes and rules including those pertaining to fraud, consumer protection, fair lending issues, and the non-traditional marketplace;

3. Ethics; and

4. The test for licensure as a qualified individual shall also include questions relating to employee supervision, office management, licensing and regulatory compliance issues.

(c) An applicant shall achieve a test score on each test of not less than 75 percent correct answers to obtain a passing score.

1. An applicant who fails to pass the written test shall not take a subsequent, consecutive test until at least 30 calendar days after the applicant's preceding test date.

2. An applicant may take the written test up to three consecutive times.

3. An applicant who fails to pass the written test after three consecutive attempts shall not be permitted to retake the test for a period of at least six months from his or her last preceding test date.

(d) A mortgage loan originator or a qualified individual licensee who fails to maintain a valid license for a period of five years or longer shall be required to pass again a written national and state law test as a precondition to license reinstatement.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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