September 20, 2019

September 19, 2019

Subscribe to Latest Legal News and Analysis

September 18, 2019

Subscribe to Latest Legal News and Analysis

September 17, 2019

Subscribe to Latest Legal News and Analysis

Nebraska Amends Licensing and Record Retention Requirements

Nebraska has amended its licensing requirements under the Residential Mortgage Licensing Act effective September 7, 2019. They include:

  • Requiring a criminal background investigation via the NMLS for any principal officer, partner, member or sole proprietor , and any individual acting in the capacity of the manager of an office location in connection with a mortgage banker's license application;
  • Temporary authority provisions effective November 24, 2019, for registered mortgage loan originators and licensed mortgage loan originators licensed in another state employed by a mortgage banker licensed in Nebraska; and
  • Limiting an inactive mortgage loan originator license to one renewal while in inactive status unless certain conditions are met;

In addition, the legislation extends record retention requirements for mortgage bankers from three years after the date the residential mortgage loan is funded or the loan application is denied or withdrawn to five years after the after the date the residential mortgage loan is funded or the loan application is denied or withdrawn.

Copyright © by Ballard Spahr LLP

TRENDING LEGAL ANALYSIS


About this Author

Stacey Valerio, Of counsel
Of Counsel

Stacey L. Valerio focuses her practice on the mortgage banking industry. Stacey has more than 20 years' experience, including nearly a decade at the State of Connecticut Department of Banking's Consumer Credit Division, where she handled licensing and enforcement matters, with primary focus on the mortgage industry. In that role, she counseled the Consumer Credit Division, served as an administrative hearing officer, and drafted legislation, legal opinions, and rulings. The position also involved working with various other state and federal agencies, including the state...

202.661.7641