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The Nebraska Department of Banking and Finance monitors and enforces mortgage banker licensing compliance. The licensing requirements are established under the Residential Mortgage Licensing Act. To obtain and maintain a license, a mortgage banker must have an active surety bond.
This surety bond is an agreement between three parties:
- Principal: The mortgage banker that needs to get the bond.
- Obligee: The entity requiring the principal to get bonded.
- Surety: The company that issues the bond.
A surety bond ensures that anyone that has been affected by the unethical or fraudulent actions of a mortgage banker can be fairly compensated for related losses. Upon receiving a claim, the surety researches it to determine if it is valid. For a valid claim, the surety compensates the claimant up to the limits of the surety bond.
Once the claimant is paid, the principal is required to reimburse the surety for the full amount paid to the claimant. Avoiding claims against the bond is best accomplished by abiding by Nebraska’s rules and regulations.
How Much Does a Mortgage Banker Bond Cost in Nebraska?
The cost of a Nebraska mortgage banker bond ranges from $1,000 to $10,000, based on the required bond amount, which depends on loan volume:
- $100,000 bond for loan originations up to $5 million
- $125,000 bond for loan originations over $5 million to $10 million
- $150,000 bond for loan originations over $10 million to $25 million
- $200,000 bond for loan originations over $25 million
The cost of the bond equals between 1% and 10% of the bond amount. This is also commonly referred to as the bond rate or the bond premium. Before applying for your bond, use the chart below to estimate your cost.
|
Nebraska Mortgage Banker Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
|
$125,000 |
$1,250 - $3,750 |
$3,750 - $6,250 |
$6,250 - $12,500 |
|
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
|
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
Often, our valued customers inquire about the factors that determine how much a bond costs. We consider the applicant’s credit scores as well as finances, industry experience and previous bond history.
How to Get a Mortgage Banker Bond in Nebraska
1. Apply For Your Bond
Obtaining a Nebraska mortgage banker bond is a fast, three-step process. Apply for your new bond using your choice of methods.
- Apply for a bond online – Access our bond form at any hour of the day, and apply at a time that is convenient for you. Our short form usually only takes a couple of minutes to complete.
- Call us at (888) 592-6631 – Some of our customers prefer to apply for their surety bond online with the full support of our knowledgeable bond experts.
When applying, you will need:
- Bond name (Mortgage Banker Surety Bond)
- Bond amount ($100,000 - $200,000)
- Email and contact information
2. Get a Quote
Once you have submitted your bond application, you will receive a bond quote via email without delay. Our bond specialists are available to review the quote with you upon request. If you identify an area that needs to be revised, please get in touch with us.
3. Purchase Your Bond
The final step is to pay the invoice and sign the bond documents online. Soon after doing so, you will receive the original bond by email.
Nebraska Mortgage Banker Bond Requirements
To apply for a Nebraska mortgage banker license, you must submit an electronic surety bond when submitting the required documents to the NMLS. The Nebraska Department of Banking, which regulates mortgage banker licensing, ensures compliance with state laws and consumer protection standards. As part of the requirements, the department mandates the use of the Nebraska Mortgage Banker Surety Bond form.
The bond is continuous. However, the surety may amend or cancel the bond by providing the obligee and principal with a 30-day written notice.
If you have any questions regarding the required bond amount, the definition and role of mortgage bankers in Nebraska, etc., please contact us.
One of our new customers recently contacted us about the Nebraska mortgage banker bond requirements. We provided her with thorough answers, and she was well-informed when she completed her application. This customer enjoyed our speedy process and friendly service.
How to Get Your Mortgage Banker License in Nebraska
The licensing process for Nebraska mortgage bankers is completed through the Nationwide Mortgage License System. When applying, the following items are required:
- Application
- Surety bond
- Resident/registered agent
- Contact employees
- Criminal background check
- Certificate of Authority/Good Standing
- Formation documents
- Management chart
- Organizational chart
- Sole proprietor U.S. citizenship attestation
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler. https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Nebraska Department of Banking and Finance. (n.d.). Residential Mortgage Licensing Act. https://ndbf.nebraska.gov/about/legal/residential-mortgage-licensing-act
Nebraska Department of Banking and Finance. (n.d.). Home [Website]. https://ndbf.nebraska.gov/
Nationwide Multistate Licensing System & Registry. (n.d.). Nebraska mortgage banker license ESB form [PDF]. https://mortgage.nationwidelicensingsystem.org/slr/StateForms/NE_Mortgage%20Banker%20License%20ESB_v1.pdf