The Complete Nebraska Mortgage Banker License Guide (2021)
Do you want to operate as a mortgage professional in Nebraska? You have to obtain a Nebraska mortgage banker license, which allows you to conduct such activities in the state.
The licensing authority is the Department of Banking and Finance. It determines the requirements that you have to fulfill. The process is conducted via the Nationwide Multistate Licensing System and Registry (NMLS).
In this guide, you can discover the steps that you have to make to start your mortgage business in Nebraska.
Choose a Mortgage License Type
There are different license options that you can choose from:
- Mortgage Banker License (company) – engaging in mortgage lending, mortgage brokering, or mortgage servicing activities
- Mortgage Loan Originator License (individual) – taking a residential mortgage loan application or offering to negotiate or negotiating the terms of a residential mortgage loan
You can consult the full list of license types on the NMLS website.
Meet the Nebraska Mortgage Banker License Requirements
You need to comply with the requirements of the Nebraska Department of Banking and Finance, so that you become licensed.
If you are applying for a company license, your first step is to register a business entity in the state. You can do so via the Nebraska One-Stop Business portal.
The rest of the documents for companies that you need to provide include:
- Trade name (if applicable)
- Business plan
- Organizational chart
- Management chart
- Resident/Registered Agent information
- Primary and non-primary employees contact information
- Disclosure questions
- Control Person (MU2) attestation
- Certificate of Authority/Good Standing Certificate
- Formation documents or a U.S. citizenship attestation form for sole proprietors
The full set of requirements is in the company license checklist.
In case you are applying for a mortgage loan originator license, you have to complete the following:
- Disclosure questions
- Company sponsorship
- Employment history
- U.S. citizenship attestation form
You can consult the complete checklist for individual licenses.
Provide a Surety Bond
Applicants for a company license have to obtain a Nebraska mortgage broker bond. This is a security instrument that protects the state and your customers against potential illegal activities on your side.
To get bonded, you have to pay a premium, which is a fraction of the required bond amount. It depends on factors such as your personal credit score, business finances, and fixed and liquid assets. If they are in good shape, you can expect rates between 0.5% and 5%.
Want to see the exact price of your Nebraska mortgage broker bond? Fill in the short form below!
Criminal Background Check
You need to authorize an FBI criminal background check for all types of licenses.
For a mortgage banker company license, you have to provide your financial statements.
Individual applicants for a mortgage loan originator license have to authorize a credit report check.
Education and State Exams
Nebraska mortgage loan originators have to complete 22 hours of NMLS-approved pre-licensure education courses. They should include 2 hours of Nebraska state-specific hours. You then need to complete the state test.
Complete the License Application
When you have compiled all necessary documents, you have to file them together with your completed application form online with the NMLS.
Some of the paperwork has to be sent directly to the Department. You can either send it via email to [email protected], or use the following mailing address:
Nebraska Department of Banking and Finance
P.O. Box 95006
Lincoln, NE 68509
License and Registration Fees
The applicable license fees are as follows:
- Mortgage Banker License – $400 application fee and $100 NMLS processing fee
- Mortgage Loan Originator License – $150 application fee and $30 NMLS processing fee
In addition, the FBI criminal background check costs $36.25 per person, while the credit report – $15 per person.
Do you have more questions about the Nebraska mortgage banker license and bonding? Don’t hesitate to contact us at 877.514.5146.
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