Nebraska Mortgage Banker Bond
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How much does the Nebraska mortgage banker bond cost?
Nebraska mortgage banker bond costs start at $750 annually. Your personal mortgage banker bond premium will be provided after a quick application review.
How do I get a mortgage banker bond in Nebraska?
You can apply for your Nebraska mortgage banker bond online 24/7. You'll need to provide your name, address, and NMLS license number for Department of Banking and Finance filing approval. Once your order has been processed, SuretyBonds.com will file your official Nebraska surety bond directly with the NMLS.
How fast can I get a mortgage banker bond?
Our industry-leading technology and responsive customer service team allow us to file your official Nebraska mortgage banker bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about Nebraska mortgage bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage lending bond process so you can get back to running your business.
What is the purpose of the Nebraska mortgage banker bond?
Nebraska Revised Statute 45-724 requires individuals file a minimum $100,000 surety bond with their mortgage banker licensee registration application. The state's official form is titled “SURETY BOND Mortgage Banker Nebraska Department of Banking and Finance” but is more commonly known as the “mortgage banker bond." This bond benefits the state and its residents who file claims against a mortgage banker or their mortgage loan originator.
Why do I need a mortgage lending bond in Nebraska?
You must purchase and file a minimum $100,000 surety bond amount to be legally authorized to work as a Nebraska mortgage banker licensee. If your surety company pays bond claims out to the state or its residents, you must reimburse your surety company up to your total bond amount. Note that Nebraska Revised Statute 45-724 specifies your Nebraska surety bond will cover every mortgage loan originator who works for you as an employee or independent agent.
What is my Nebraska mortgage professional bond amount?
Your required bond amount will be based on the residential loan volume you originated in the state in the preceding calendar year as outlined in Nebraska Revised Statute 45-724.
- up to $5 million annual residential loan volume: $100,000 bond amount
- $5 million to $10 million annual residential loan volume: $125,000 bond amount
- $10 million to $25 million annual residential loan volume: $150,000 bond amount
- more than $25 million annual residential loan volume: $200,000 bond amount
Who regulates licensing for mortgage bankers in Nebraska?
The Nebraska Department of Banking and Finance Financial Institutions Division enforces mortgage banker license requirements in the state. If you have questions about the state's residential mortgage loan licensing laws, you can contact the Division by calling 1(402)471-2171 or emailing [email protected].
The Nebraska DBF requires this bond for state mortgage banker licensing. If you work as a mortgage professional in other states, we also offer mortgage license bonds nationwide.
How do Nebraska mortgage bankers file your bond?
SuretyBonds.com will file your electronic surety bond with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and the NMLS to be sure your electronic surety bond is filed quickly and accurately to meet all Nebraska state licensing requirements. The surety bond form copy you receive by email is for your reference only and won't need to be filed with the NMLS.
How do I update or change my mortgage banker bond form?
If the Nebraska Department of Banking and Finance requires your NMLS bond filing to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your residential mortgage loan licensee name or address to match your new or existing NMLS filing.
How do I renew my mortgage banker surety bond?
Nebraska Revised Statute 45-724 requires your surety bond remain in effect for the entirety of your mortgage banker license registration period, so you must renew your Nebraska mortgage banker bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next NMLS mortgage lending licensee term.
How do mortgage bankers apply for a license in Nebraska?
Complete the steps below through the Nationwide Multistate Licensing System (NMLS) to apply for your Nebraska mortgage banker license.
- Pay the $400 license fee and $100 NMLS fee.
- Purchase and file your Nebraska surety bond in the correct required bond amount.
- Complete a criminal background check.
- Upload all documents required on the NMLS Nebraska Mortgage Banker License New Application Checklist.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
