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Nebraska--------------------------Nebraska, Exams of Advanced Education

University of OxfordAdvanced Education

Nebraska-------------------Nebraska

Typology: Exams

2025/2026

Available from 02/11/2026

Toperthetop
Toperthetop 🇬🇧

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Nebraska
The mortgage loan originator employees in this scenario were required to be
licensed under the: - correct answer NOT Residential Lender and Loan Originator Act
After license revocation in Nebraska, a licensee will be: - correct answer Unable to
obtain a license in other states
In this scenario, the mortgage company committed several violations, including
which of the following related to fees? - correct answer Paying commissions to
unlicensed individuals
In this scenario, the mortgage company committed several violations, including
which of the following related to employees? - correct answer Employing unlicensed
loan originators
In this scenario, the mortgage company committed several violations, including
failing to notify the Director of: - correct answer Employee terminations
What are the continuing education requirements for mortgage bankers in Nebraska?
- correct answer There are no continuing education requirements for mortgage
bankers in Nebraska
In order to pass the S.A.F.E. Act exam, Nebraska requires that applicants answer
what percentage of the questions correctly? - correct answer 75%
Which of the following is true? - correct answer A licensee under the Installment
Loan Act is not required to obtain a mortgage banker license when making a
mortgage loan
Which of the following is true? - correct answer Nebraska issues mortgage loan
originator licenses to individuals but not to companies
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Nebraska

The mortgage loan originator employees in this scenario were required to be licensed under the: - correct answer NOT Residential Lender and Loan Originator Act After license revocation in Nebraska, a licensee will be: - correct answer Unable to obtain a license in other states In this scenario, the mortgage company committed several violations, including which of the following related to fees? - correct answer Paying commissions to unlicensed individuals In this scenario, the mortgage company committed several violations, including which of the following related to employees? - correct answer Employing unlicensed loan originators In this scenario, the mortgage company committed several violations, including failing to notify the Director of: - correct answer Employee terminations What are the continuing education requirements for mortgage bankers in Nebraska?

  • correct answer There are no continuing education requirements for mortgage bankers in Nebraska In order to pass the S.A.F.E. Act exam, Nebraska requires that applicants answer what percentage of the questions correctly? - correct answer 75% Which of the following is true? - correct answer A licensee under the Installment Loan Act is not required to obtain a mortgage banker license when making a mortgage loan Which of the following is true? - correct answer Nebraska issues mortgage loan originator licenses to individuals but not to companies

Which of the following is not true about surety bonds under the Residential Mortgage Licensing Act? - correct answer Mortgage loan originators are individually responsible for posting an initial surety bond of $100, Under the Residential Mortgage Licensing Act, who typically sponsors the mortgage loan originator? - correct answer The mortgage loan originator's employer sponsors him or her Mortgage loan originators must complete how many hours of continuing education annually? - correct answer 8 Under the Residential Mortgage Licensing Act, what is the obligation of a licensee if a criminal indictment is filed against the licensee? - correct answer The licensee has three business days to notify the Director in writing What is the purpose of the S.A.F.E. Mortgage Licensing Act? - correct answer To create a national database of mortgage professionals The consequence of failing the S.A.F.E. Act licensing exam three consecutive times is that licensees are forbidden from: - correct answer Taking it again for six months Which of the following is not a condition that must be met by mortgage loan originators when applying for a license under the Residential Mortgage Licensing Act? - correct answer Must never have been convicted of any misdemeanor Which of the following is not an obligation imposed on licensees under the Residential Mortgage Licensing Act? - correct answer Reduce fees for low-income borrowers What is the initial surety bond requirement under the Installment Loan Act if a licensee contracts with a mortgage loan originator? - correct answer NOT 50k NOT The bond depends on the number of loans generated after the first year Which of the following is true, according to the Statement on Subprime Mortgage Lending adopted by Nebraska? - correct answer Subprime loans are acceptable but predatory practices should be stopped

In conducting an investigation of a licensee under the Residential Mortgage Licensing Act, on which of the following is the Director not permitted to rely? - correct answer A report made by the licensee two years ago to Fannie Mae Which of the following events, which requires licensed mortgage bankers to notify the Director within 30 days, also requires a $75 fee? - correct answer Opening of a branch office What is a "report of condition"? - correct answer An annual earnings disclosure required by mortgage bankers and installment loan companies Which of the following is not a reason for a mortgage loan originator license to become inactive? - correct answer NOT The licensee fails to renew the license How long does the Director have to approve or deny a completed license application under the Installment Loan Act once the application has been filed, proof of the surety bond has been delivered, and the fee has been paid? - correct answer 90 days Under the Installment Loan Act, which of the following is not true about reverse mortgages? - correct answer NOT No prepayment penalties can be charged under any circumstances NOT An advance under a reverse mortgage must always have priority over a lien filed after the reverse mortgage loan closed Which of the following is true regarding the surrender of an installment loan company license? - correct answer The licensee is relieved of responsibility for maintaining a surety bond If the servicing rights to a residential mortgage are sold, Nebraska law requires that the licensee notify the borrower not less than _________ before the effective date of the transfer? - correct answer 15 days Nebraska adopted the Guidance on Nontraditional Mortgage Product Risks for all but which of the following reasons? - correct answer NOT Unsophisticated borrowers were taking out nontraditional mortgage loans without understanding the implications

NOT Lenders were using less stringent income verification standards Which of the following is not true regarding Nebraska's continuing education requirements for mortgage loan originators? - correct answer Out of state courses cannot count towards credit Which of the following is not a Nationwide Multistate Licensing System licensing requirement? - correct answer Drug test Which of the following factors is used to determine "financial responsibility" for purposes of the mortgage loan originator license application? - correct answer Pattern of seriously delinquent accounts in the past three years Which of the following accurately describes the Director's power to force licensees to compile information to help the Director with an investigation? - correct answer The Director can force the licensee to make any compilation the Director deems necessary Installment loan company licensees that fail to make loan advances as required by the terms of a reverse mortgage are subject to what penalty for each failure? - correct answer NOT Forfeit the greater of $300 or 2% of the loan advance What obligation is triggered if a mortgage banker fires a mortgage loan originator? - correct answer Mortgage bankers must notify the Director within 10 days of the termination Which of the following is not a condition that must be present before the Director may waive an application hearing under the Installment Loan Act? - correct answer The applicant has conducted business under a license in other states without incident What is Nebraska's position on reverse mortgages? - correct answer Reverse mortgages are allowed, but only if the same limitations are placed on them as traditional mortgages?