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Nebraska Mortgage Banker Bond

What is a Nebraska Mortgage Banker Bond?

A Mortgage Banker Bond is a type of surety bond required for those who have applied to the Director of the Nebraska Department of Banking and Finance for a license or registration to transact business as a Mortgage Banker in the state pursuant to the Residential Mortgage Licensing Act, Nebraska Revised Statutes. This surety bond ensures strict compliance with the rules, regulations, and laws established by the State of Nebraska and indemnifies any financial loss or damage suffered by the State of Nebraska or any person who is harmed in dealing with the mortgage banker as a result of violations or illegal actions on the part of the bonded entity. The surety bond is written on the Residential Mortgage Licensing Act Bond Form and the aggregate liability is $100,000.

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Mortgage Banker Bonds And Getting Your Nebraska Business License/Registration

In Nebraska, a license is required for any company that for compensation or gain or in the expectation of compensation or gain, directly or indirectly makes, originates, services, negotiates, acquires, sells, arranges for, or offers to make, originate, service, negotiate, acquire, sell, or arrange for a residential mortgage loan.

The Nebraska mortgage banker license authorizes the following activities; First mortgage brokering, Second mortgage brokering, First mortgage lending, Second mortgage lending, First mortgage servicing, Third party first mortgage servicing, Subordinate lien mortgage servicing, Third party subordinate lien mortgage servicing master servicing, Mortgage loan purchasing, Short sale, Home equity lending/lines of credit, Reverse mortgage activities, High cost home loans, Third party mortgage loan processing, Third party mortgage loan underwriting, Manufactured housing financing, Lead generation, and Mortgage loan modification.