License: Mortgage Loan Originator

Nebraska Dept. of Banking & Finance external site

P.O. Box 95006

Lincoln, NE 68508

(402) 224-2171

<h3>Occupational Description</h3><br>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.<br><h3>Licensure Requirements</h3><br>Applicants must: 1. Complete at least 22 hours of prelicense 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. Twenty-two 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 orgination; C. State laws and regulations, including instructions on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.<br><h3>Fees</h3><br>Processing Fees- $180.00 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.<br><h3>Renewal</h3><br>Renewal is required annually by December 31. The renewal fee is $125.00, + $30.00 NMLS processing fee.