Nebraska Mortgage Loan Originator Bonds

Category: Uncategorized
Published: Mar 6, 2012
LB 328: License Bond – Mortgage Loan Originators

Mortgage loan originators must register and be covered by a surety bond. Through this new law the previous bond requirement for mortgage bankers will now need to provide coverage for all originators that the banker employs or that are independent agents of the banker. Under prior law the bond amount was $100,000. The new changes will consist of the bond amount being based on the total dollar amount of the closed residential mortgage loans originated in the state. There must be a base of $100,000 and a maximum of $200,000. This new law became effective upon enactment.

The following two tabs change content below.
Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

Latest posts by Victor J. Lance, President/Owner (see all)