Like most other states of the U.S., in Nebraska too the mortgage laws are primarily governed by state statutory and common law.

The mortgagees in this state are regulated by federal or state law or agencies. There is no mortgage tax in Nebraska.

Here the lenders may foreclose on a mortgage in default by using only the judicial foreclosure process. Court foreclosures as well as out-of-court foreclosures can be availed in the state. Out-of-court foreclosures are usually completed within 4 months. Court foreclosures may take 6 months or even more to get completed. The borrowers posses right of redemption. The court needs to confirm the sale after it takes place. Once this takes place the borrower will have no right of redemption. Deficiency judgments are not allowed in Nebraska.

The State Mortgage Broker Licensing is regulated by the Nebraska Department of Banking and Finance. The department regulates such licensing in accordance with the Mortgage Bankers Registration and Licensing Act. The activities of mortgage lenders as well as those of brokers is termed as ?mortgage banking? in the state. The individuals and/or businesses carrying out mortgage banking activities are referred to as ?mortgage bankers?.

• Broker Licensing