Does the state require a physical location within the state?
No.

Is there individual loan officer licensing?
No.

What are lenders, brokers and loan officers called?
All activities conducted by mortgage lenders and/or brokers are termed "mortgage banking" in the State of Nebraska and an individual and/or business carrying out mortgage banking activities is referred to as a "mortgage banker."

What is the cost of a license? Surety bond? Are there net worth requirements?
The Nebraska Department of Banking & Finance is using the Nationwide Mortgage Licensing System (NMLS) to license mortgage bankers.

All entities applying for new a mortgage license or renewing a mortgage license in Nebraska are required to use the NMLS.

The application fee for a new mortgage banker license is $400.00.

The NMLS processing fee is $100.00.

A licensee must maintain a $100,000.00 surety bond.

All licenses expire the last day of December each year.

The renewal fee is $200 plus a $100 renewal fee to NMLS.

Renewal fees for branch offices are $95 total per branch.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?)
Nebraska has a separate Loan Broker Act. However, mortgage brokers should be licensed under the Mortgage Bankers Registration and Licensing Act. By becoming a licensed mortgage banker, the mortgage broker is exempt from the provisions of the Loan Broker Act.

Are there any state specific high cost loan provisions?
No.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
Nebraska is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
The mortgage banker license cover first and junior lien mortgages, refinances, and home equity loans.

Who is the regulator and what is their contact information?
Department of Banking and Finance
Commerce Court
1230 O Street, Suite 400
P.O. Box 95006
Lincoln, NE 68509-5006
Phone number: (402) 471-2171
http://www.ndbf.org

DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.

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