2 Hour NE SAFE: Nebraska Mortgage Lending Laws

This course contains the state-specific information you need to earn a mortgage loan originator's license in Nebraska. The outline and contents of this course are defined by the Nebraska Department of Banking and Finance (NDBF or the Department), which oversees the Nebraska mortgage loan originator statutes located in the Nebraska Residential Mortgage Licensing Act (NRMLA).

Topics and Module Summaries

This course consists of five sections and a final exam:

• Module 1: State vs Federal Law
• Module 2: Mortgage Loan Originators
• Module 3: How To Get Your License
• Module 4: Maintaining Your MLO License
• Module 5: Administrative and Criminal Penalties
• Final Exam

Total study time: 2 credit hours (100 minutes)

Module 1: State vs Federal Law

This module will cover basic legal terminology and the distinctions between state and federal lays.

Module 2: Mortgage Loan Originators

In this module, we will define what a Mortgage Loan Originator (MLO) is, what they do, and the kinds of responsibilities they have. This includes the different kinds of contracts involved, restrictions on activities, and various relationships. We will also take a look at how being a mortgage loan originator differs from being a mortgage banker.

Module 3: How To Get Your License

In this module, we will cover the steps to getting your mortgage loan originator license. This includes pre-license education requirements, testing, and what you need to do maintain your license after you receive it.

Module 4: Maintaining Your MLO License

In this module, we will be covering the topics associated with keeping a Nebraska mortgage loan originator license once it has been issued. This will include holding a surety bond, taking continuing education, and switching a license between active and inactive status.

Module 5: Administrative and Criminal Penalties

In this module, we will look at potential penalties and fines for misconduct. You will learn how a mortgage loan originator license may be suspended or revoked, emergency orders that can occur, and what powers the Director has to enforce the law.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center