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Mortgage Loan Originator
License Description

Occupational Description


A Mortgage Loan Originator is any individual who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan. A Mortgage Loan Originator license is also required for individuals who solicit consumers to submit residential mortgage loan applications. Any Loan Processor or Underwriter who is an independent agent of a mortgage banker, mortgage registrant, or installment loan company must obtain a Mortgage Loan oOriginator license to conduct such processing or underwriting activity. A Mortgage Loan Originator must be sponsored by a Nebraska-licensed Mortgage Banker to transact business in Nebraska.

Licensure Requirements


Applicants must: 1. Complete at least 22 hours of pre-license education, which must include at least the following:A. Three hours of instruction in federal law and regulations regarding mortgage loan origination;B. Three hours of instruction in ethics, which must include instruction on fraud, consumer protection, and fair lending issues;C. Two hours of instruction related to lending standards for the nontraditional mortgage product marketplace;D. Two hours of Nebraska-specific education;E. Twelve hours of elective courses; 2. Pass a written test developed by the Nationwide Mortgage Licensing System and Registry (NMLS).  The test must include the following subject areas:A. Ethics;B. Federal laws and regulations pertaining to mortgage origination;C. State laws and regulations, including instructions on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.

Fees


Application Fees- $150.00Processing Fees- $30.00 Fingerprinting & Criminal Background Check- $36.25 if the applicant submits his or her fingerprints electronically; $46.25 if the applicant submits his or her fingerprints by paper A $15.00 fee for a credit report will also be added if one has not been authorized through NMLS in the past 30 days. 

Renewal


  
Licensing Agency
Nebraska Dept. of Banking & Finance
Nebraska Securities Bureau
1526 K St, Ste 300
Lincoln, NE 68508
(402) 247 2171
dob.mortgage@nebraska.gov
Active Status Active
Active Military/Veterans A temporary license is available to military and spouses until formal license approval
License Type Stand-alone license
License Updated 08/09/2023
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