Nebraska License Law
Which Nebraska licensing authority oversees mortgage lenders and loan originators separately from the NREC?
AThe Nebraska Department of Insurance
BThe Nebraska Department of Banking and Finance✓ Correct
CThe Nebraska Real Estate Commission
DThe Federal Reserve
Explanation
The Nebraska Department of Banking and Finance regulates mortgage lenders, mortgage bankers, and loan originators under the Nebraska Mortgage Bankers Registration and Licensing Act — separate from the NREC's authority.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
State-Specific Concepts
License Law
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