New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 5 - TANGIBLE NET WORTH, INSOLVENCY
Section 3:15-5.3 - Requirement to demonstrate and maintain tangible net worth
Universal Citation: NJ Admin Code 3:15-5.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Each applicant for a business license as a mortgage lender or mortgage broker shall demonstrate tangible net worth of at least the following amounts:
1. Residential mortgage lender - $
250,000;
2. Correspondent mortgage
lender - $ 150,000; and
3.
Residential mortgage broker - $ 50,000.
(b) As appropriate for the type of license they hold, business licensees shall maintain tangible net worth of at least the amounts set forth in (a) above.
(c) Applicants for business licenses and business licensees may be required by the Department to demonstrate adequate means to fund loans through lines of credit or otherwise.
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