Nebraska Origination Reference Guide

Owned by Kacey Olson
Aug 29, 2017
2 min read

CitationTopicRequirement
Interest, Loans and Debt / Neb. Rev. Stat. §45-740(1)(g)

Dual Capacity Disclosure

A licensee is prohibited from receiving compensation for acting as a mortgage banker or mortgage loan originator if the licensee has otherwise acted as a real estate broker or agent in connection with the sale of the real estate which secures the mortgage loan unless the licensee has provided a written disclosure to the person from whom compensation is collected that the licensee is receiving compensation both for acting as a mortgage banker or mortgage loan originator and for acting as a real estate broker or agent.
Real Property Laws / Neb. Rev. Stat. §76-239.01

Construction Financing Notice

Must be issued before the disbursement of any proceeds and separate from any written application, mortgage note, or any other loan document between the lender and the borrower.
Residential Mortgage Licensing Act / Neb. Rev. Stat. §45-740(1)(n)

Health, Credit Life and Other Insurance

A licensee, an officer, an employee, or an agent of the licensee may not allow the borrower to finance, directly or indirectly: (1) any credit life, credit accident, credit health, credit personal property, or credit loss-of-income insurance or debt suspension coverage or debt cancellation coverage (whether or not the coverage is insurance under applicable law) that provides for cancellation of all or part of a borrower's liability in the event of loss of life, health, personal property, or income or in the case of accident written in connection with a mortgage loan; or (2 )any life, accident, health, or loss-of-income insurance without regard to the identity of the ultimate beneficiary of the insurance. For purposes of this restriction, any premiums or charges calculated and paid on a periodic basis that are not added to the principal of the loan will not be considered financed directly or indirectly by the lender.
Interest, Loans and Debt / Neb. Rev. Stat. §45-191.01(1)

Mortgage Broker Agreement (Cover Letter)

Before the borrower signs a loan brokerage agreement, the loan broker shall give the borrower a written disclosure statement. The cover sheet of the disclosure statement shall have printed, in at least ten-point boldface capital letters, the title DISCLOSURES REQUIRED BY NEBRASKA LAW. The following statement, printed in at least ten-point type, shall appear under the title:

THE STATE OF NEBRASKA HAS NOT REVIEWED AND DOES NOT APPROVE, RECOMMEND, ENDORSE, OR SPONSOR ANY LOAN BROKERAGE AGREEMENT. THE INFORMATION CONTAINED IN THIS DISCLOSURE DOCUMENT HAS NOT BEEN VERIFIED BY THE STATE. IF YOU HAVE QUESTIONS, SEEK LEGAL ADVICE BEFORE YOU SIGN A LOAN BROKERAGE AGREEMENT.

Only the title and the statement shall appear on the cover sheet.

Interest, Loans and Debt / Neb. Rev. Stat. §45-191.01

Mortgage Broker Agreement Disclosure Statement

Before the borrower signs a loan brokerage agreement, the loan broker shall give the borrower a written disclosure statement. There are specific content requirements for the disclosure statement (please refer to the rule).
Interest, Loans and Debt / Neb. Rev. Stat. §45-736

NMLS Unique Identifier

The unique identifier of any licensee originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or web sites, and any other documents as established by rule, regulation, or order of the director.