Nebraska Statutes 45-727. Mortgage loan originator; license required; loan processor or underwriter; license required; temporary authority to act as mortgage loan originator; conditions
(1) An individual, unless specifically exempted from the Residential Mortgage Licensing Act under section 45-703 or, on or after November 24, 2019, unless having temporary authority under subsections (4) or (5) of this section, shall not engage in, or offer to engage in, the business of a mortgage loan originator with respect to any residential real estate or dwelling located or intended to be located in this state without first obtaining and maintaining annually a license under the act. Each licensed mortgage loan originator shall obtain and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
Terms Used In Nebraska Statutes 45-727
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Process: shall mean a summons, subpoena, or notice to appear issued out of a court in the course of judicial proceedings. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(2) An independent agent shall not engage in the activities as a loan processor or underwriter unless such independent agent loan processor or underwriter obtains and maintains a license under subsection (1) of this section. Each independent agent loan processor or underwriter licensed as a mortgage loan originator shall obtain and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(3) For the purposes of implementing an orderly and efficient licensing process, the director may adopt and promulgate licensing rules or regulations and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals, the director may establish expedited review and licensing procedures.
(4) Beginning November 24, 2019, upon becoming employed by a mortgage banker licensed in this state, an individual who is a registered mortgage loan originator shall be deemed to have temporary authority to act as a mortgage loan originator in this state for one hundred twenty days after submitting a mortgage loan originator application unless:
(a) The individual withdraws his or her mortgage loan originator application;
(b) The director denies the mortgage loan originator application;
(c) The director grants the individual a mortgage loan originator license;
(d) The application remains incomplete more than one hundred twenty days after the application was submitted;
(e) The individual has had an application for a mortgage loan originator license denied, revoked, or suspended at any time in any governmental jurisdiction;
(f) The individual has been subject to, or served with, a cease and desist order in any governmental jurisdiction;
(g) The individual has been convicted of a misdemeanor or felony that precludes licensure under the act; or
(h) The individual was not a registered mortgage loan originator for at least one year prior to application under the act.
(5) Beginning November 24, 2019, an individual who is a licensed mortgage loan originator in another state employed by a mortgage banker licensed in this state shall be deemed to have temporary authority to act as a mortgage loan originator in this state for one hundred twenty days after submitting a mortgage loan originator application unless:
(a) The individual withdraws his or her mortgage loan originator application;
(b) The director denies the mortgage loan originator application;
(c) The director grants the individual a mortgage loan originator license;
(d) The application remains incomplete more than one hundred twenty days after the application was submitted;
(e) The individual has had an application for a mortgage loan originator license denied, revoked, or suspended at any time in any governmental jurisdiction;
(f) The individual has been subject to, or served with, a cease and desist order in any governmental jurisdiction;
(g) The individual has been convicted of a misdemeanor or felony that precludes licensure under the act; or
(h) The individual has not been a licensed mortgage loan originator in another state for at least thirty days prior to application under the act.
(6) Beginning November 24, 2019, any person employing an individual who is deemed to have temporary authority to act as a mortgage loan originator in this state, and any individual who is deemed to have temporary authority to act as a mortgage loan originator in this state, shall be subject to the requirements of the act to the same extent as if that individual was a licensed mortgage loan originator under the act.