The Nebraska Mortgage Banker Bond ensures that the Principal will conduct business in compliance with the Residential Mortgage Licensing Act, Nebraska Revised Statutes Sections 45-701 to 45-754. The bond also ensures that the Principal will satisfy any loss or damage if the he or she violates the Residential Mortgage Licensing Act.
The required bond amount is $100,000.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
The bond shall remain in force until released by the Director or until cancelled. A written notice of cancellation must be filed with the Director 30 days prior to the cancellation date.
All licensing fees are required by the obligee, not the surety company. Licenses must be renewed annually on December 31st.