Nebraska questions and answers graded A+

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 $100,000 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