Licensing Lending Training Certifications Events

About Nebraska Mortgage Licensing

Looking to become a Nebraska Mortgage Broker or Loan Officer to serve communities in Lincoln, Omaha, and other cities in Nebraska? If yes, you've come to the right place!

The Mortgage Training Center offers a variety of Nebraska mortgage licensing and training courses to help you earn your Nebraska mortgage license or continuing education credits.

What Does A Nebraska Mortgage Broker Do?

A mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.

What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?

Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.

What Does A Mortgage Loan Officer Do?

A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

About The Nebraska Mortgage Broker Licensing Requirements

Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam with a score of 75% or better, then take eight hours of annual continuing education courses to maintain their license.