Mortgage Loan Originator
- Exam
- Not reported
- Education
- Not reported
- Experience
- Not reported
- Background check
- Not reported
<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 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.<br><h3>Fees</h3><br>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. <br><h3>Renewal</h3><br>
Requirements reported by the state
- Licence type
- Stand-alone license
- Military and veterans
- A temporary license available to military and spouses until formal license approval
Issuing body
- Department
- Nebraska Dept. of Banking & Finance
- Division
- Nebraska Securities Bureau
- Address
- 1526 K St, Ste 300 Lincoln, NE 68508
- Phone
- (402) 247-2171
- Agency website
- https://ndbf.nebraska.gov/
- Licence page
- ndbf.nebraska.gov
- Last updated
- September 6, 2024
Occupations (O*NET)
- Mortgage Loan Originator 13-2072.00
Source and verification
This record is Nebraska's report to the Analyst Resource Center, published by CareerOneStop (October 2024 export). Everything shown comes only from that report.
Before you apply, confirm every detail with Nebraska Securities Bureau — see the issuing body section above.
How we process this data. Not legal advice.