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STATE OF NEBRASKA
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Is a license required? |
Yes for mortgage brokers, no for foreclosure consultants 45-191.02(Attached as Schedule A) states that “before advertising or making any oral or written representation or acting as a loan broker in this state a loan broker shall file with the department one copy of the disclosure statement and one copy of any loan brokerage agreement.” |
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45-190.5 states that “Loan broker means any person, except for [list of exemptions which do not apply] who "(a) For or in expectation of consideration, procures, attempts to procure, arranges, or attempts to arrange a loan of money for a borrower; (b) For or in expectation of consideration, assists a borrower in making an application to obtain a loan of money; (c) Is employed as an agent for the purpose of soliciting borrowers as clients of the employer;” Regulators consider this to include loan modification services. |
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State
specific loan modification law? |
Yes. Chapter 76-2708(Attached as Schedule B) deals with foreclosure consultants. |
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Advantages
of becoming a licensed Mortgage Broker? |
None. |
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Penalties
for operating in the state without a license: |
45-208 states that “Any person who willfully and knowingly violates any provisions of section 45-207 shall be guilty of a Class II misdemeanor. In addition the seller shall forfeit all time-price differential paid and cancel the outstanding indebtedness.” |
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Is an
advanced fee permitted? |
Yes for mortgage brokers, however 45-191 states that “(a) A Class IV felony if the advance fee assessed or collected is greater than three hundred dollars; or (b) A Class I misdemeanor if the advance fee assessed or collected is three hundred dollars or less.” A foreclosure consultant is defined by 76-2708 as a person who "(i) Stop or postpone a foreclosure sale; (ii) Obtain a forbearance from a beneficiary under a deed of trust, mortgage, or other lien; (iii) Assist the homeowner in exercising a right to cure a default; (iv) Obtain an extension of the period within which the homeowner may cure a default; (v) Obtain a waiver of an acceleration clause contained in an evidence of debt secured by a deed of trust, mortgage, or other lien on a residence in foreclosure or contained in such deed of trust, mortgage, or other lien; (vi) Assist the homeowner to obtain a loan or an advance of funds; (vii) Avoid or reduce the impairment of the homeowner's credit resulting from the recording of a notice of election and demand for sale, commencement of a judicial foreclosure action, any foreclosure sale or the granting of a deed in lieu of foreclosure, or any late payment or other failure to pay or perform under the evidence of debt, the deed of trust, or other lien securing such evidence of debt; (viii) In any way delay, hinder, or prevent the foreclosure upon the homeowner's residence; or (ix) Assist the homeowner in obtaining from the beneficiary, mortgagee, or grantee of the lien in foreclosure, or from counsel for such beneficiary, mortgagee, or grantee, the remaining or excess proceeds from the foreclosure sale of the residence in foreclosure." |
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Is a
written agreement required? |
45-205 states that a written agreement is required for “Every revolving charge agreement shall be in writing and shall be signed by the buyer. Such requirements may be met when disclosure of the revolving charge credit terms has been made to the buyer in conformity with the requirements of the federal Consumer Credit Protection Act before the first extension of credit to the buyer under the revolving charge agreement” however it does not seem that a written agreement is needed for all services, but it depends on the payment method. |
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Other
noteworthy information? |
None. |
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Nebraska
Statutes |
Chapter 45 Ctrl + Click Here Chapter 76 Ctrl + Click Here License application: Ctrl + Click Here |