45-727 Mortgage loan originator; license required; loan processor or underwriter; license required. - Nebraska Statutes

45-727. Mortgage loan originator; licenserequired; loan processor or underwriter; license required.(1) An individual, unless specificallyexempted from the Residential Mortgage Licensing Act under section 45-703,shall not engage in, or offer to engage in, the business of a mortgage loanoriginator with respect to any residential real estate or dwelling locatedor intended to be located in this state without first obtaining and maintainingannually a license under the act. Each licensed mortgage loan originator shallobtain and maintain a valid unique identifier issued by the Nationwide MortgageLicensing System and Registry.(2) In order to facilitatean orderly transition to licensing and minimize disruption in the mortgagemarketplace, the effective date for subsection (1) of this section is July31, 2010.(3)An independent agent shall not engage in the activities as a loan processoror underwriter unless such independent agent loan processor or underwriterobtains and maintains a license under subsection (1) of this section. Eachindependent agent loan processor or underwriter licensed as a mortgage loanoriginator shall obtain and maintain a valid unique identifier issued by theNationwide Mortgage Licensing System and Registry.(4) For the purposes of implementingan orderly and efficient licensing process, the director may adopt and promulgatelicensing rules or regulations and interim procedures for licensing and acceptanceof applications. For previously registered or licensed individuals, the directormay establish expedited review and licensing procedures. SourceLaws 2009, LB328, § 12.