September 1, 2011. 1, eff. (4) an independent contractor loan processor or underwriter company license. Adopted Rules Notice: Mortgage Servicer Surety Bond Requirement (7 TAC 79.4), Adoption of the Electronic Surety Bond Process in NMLS for Residential Mortgage Loan Servicers, 3rd Party Debt Collectors Servicers Registration - Form MU1, 3rd Party Debt Collectors Servicers Registration - Form MU2, Fee Schedule (Effective November 1, 2022 August 31, 2023), Fee Schedule (Effective September 1, 2022 October 31, 2022), Required Mortgage Servicer Disclosure Statement, Residential Mortgage Loan Servicing Best Practices, Department of Savings and Mortgage Lending. 228 (H.B. REGISTERED FINANCIAL SERVICES COMPANY. (b) If a person disobeys a subpoena or if a person appearing in a deposition in connection with the investigation refuses to testify, the commissioner may petition a district court in Travis County to issue an order requiring the person to obey the subpoena, testify, or produce documents relating to the matter. FUNDING. 2, eff. 13, eff. Texas Department of Savings and Mortgage Lending, Office of the Consumer Credit Commissioner, The Mortgage Company License (company license), Mortgage Banker Registration (company registration), Mortgage Loan Originator License (individual license). 156.401. Apply for your Texas MLO license. 1, eff. Basic Requirements for Becoming an MLO in Texas. (a) The commissioner shall establish, administer, and maintain a recovery fund as provided by Section 13.016 and this subchapter. September 1, 2005. 156.503. QUALIFICATIONS AND REQUIREMENTS FOR LICENSE: MORTGAGE COMPANY. 87(6), eff. September 1, 2011. Terms And Conditions. 1004), Sec. September 1, 2013. (a) At the time an applicant submits an application to a residential mortgage loan originator sponsored by and conducting business for a licensed or registered residential mortgage loan company under this chapter, the residential mortgage loan originator shall provide to the applicant a disclosure that specifies: (1) the nature of the relationship between the applicant and the residential mortgage loan originator; (2) the duties the residential mortgage loan originator has to the applicant; and. APPLICATION; FEES. 9, and Acts 2021, 87th Leg., R.S., Ch. September 1, 2013. September 1, 2005. 2783), Sec. SUBCHAPTER C. RESIDENTIAL MORTGAGE LOAN COMPANY LICENSES AND REGISTRATION. The time of the hearing may be continued periodically with the consent of the applicant or person requesting the renewal. September 1, 2005. September 1, 2013. See Texas Finance Code 180.051(b). Acts 2009, 81st Leg., R.S., Ch. 160 (S.B. 1317 (H.B. 1317 (H.B. 44, eff. All courses are NMLS approved and can be taken at your own pace while in per suite of your mortgage license. FEE ASSESSMENT AND DISCLOSURE. Department of Savings and Mortgage Lending Acts 2009, 81st Leg., R.S., Ch. 21, eff. 1124), Sec. 6.04, eff. Acts 2021, 87th Leg., R.S., Ch. September 1, 2021. (a) A person whose license has expired may not engage in activities that require a license until the license has been renewed. 1317 (H.B. Mortgage Company License. (b) A person who is otherwise eligible to renew a license, but has not done so before January 1, may renew the license before March 1 by paying the commissioner a reinstatement fee in an amount equal to 150 percent of the required renewal fee. Amended by Acts 2001, 77th Leg., ch. If you need an application form that is not listed here, please contact us. 40, eff. 89, eff. 19, eff. September 1, 2021. 160 (S.B. September 1, 2009. 87(6), eff. 1124), Sec. (c) Repealed by Acts 2009, 81st Leg., R.S., Ch. 2774), Sec. (c) Amounts in the recovery fund may be invested and reinvested in accordance with Chapter 2256, Government Code, and under the prudent person standard described in Section 11b, Article VII, Texas Constitution, and the interest from these investments shall be deposited to the credit of the fund. 5, eff. September 1, 2011. On August 19, 2022, the Finance Commission of Texas approved the Department's FY23 budget. 921 (H.B. The first step to MLO licensure is creating an NMLS account to get an account ID. (d) This section does not limit the authority of the commissioner to take disciplinary action against a residential mortgage loan originator for a violation of Chapter 157 or the rules adopted by the finance commission under that chapter. Sept. 1, 2001. Texas - OCCC. All new applications, renewals and changes for companies or individuals must be submitted online through the Nationwide Mortgage Licensing System (NMLS). ISSUANCE OF LICENSE. 2774), Sec. 655, Sec. (a-1) Repealed by Acts 2013, 83rd Leg., R.S., Ch. Acts 2013, 83rd Leg., R.S., Ch. (f) Repealed by Acts 2021, 87th Leg., R.S., Ch. 1004), Sec. (e) In addition to the disciplinary action by the commissioner authorized under Section 156.303(a)(7), the commissioner may collect a fee in an amount not to exceed $50 for any returned check or credit card charge back. 1900), Sec. Sept. 1, 2003. (b) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 929 (H.B. September 1, 2013. 337, Sec. As new forms of credit become available to Texas consumers, the OCCC helps the public understand their rights and responsibilities. 1004), Sec. 1004), Sec. 1254, Sec. 65(a)(7), eff. 92, eff. Sept. 1, 2003. 160 (S.B. 1317 (H.B. 963 (S.B. 1004), Sec. 1317 (H.B. 26, eff. Choose to be a Champion and pass the National Exam. 65(a)(1), eff. Texas is a bustling economy with huge growth potential waiting to be tapped into. (b) When the sponsorship of a residential mortgage loan originator is terminated, the residential mortgage loan originator or the residential mortgage loan company shall immediately notify the commissioner. 6. Each of the members must be: (1) under the regulatory authority of the department; (2) actively engaged in the business of originating, brokering, or funding residential mortgage loans at the time of appointment; and. Sept. 1, 2001; Acts 2003, 78th Leg., ch. In Texas, there are two licensing bodies that regulate mortgage brokers. 5, eff. 1124), Sec. 23, eff. 1004), Sec. 160 (S.B. 867, Sec. Residential Mortgage Loan Originators; Upcoming events. September 1, 2021. This chapter does not prohibit a residential mortgage loan originator sponsored by and conducting business for a licensed or registered residential mortgage loan company under this chapter from receiving compensation from a party other than the mortgage applicant for the sale, transfer, assignment, or release of rights on the closing of a mortgage transaction. SECONDARY MARKET TRANSACTIONS. September 1, 2011. September 1, 2009. 156.554. 1018 (H.B. 1004), Sec. 156.210. FUNDING. Acts 2011, 82nd Leg., R.S., Ch. On August 19, 2022, the Finance Commission of Texas approved the Departments FY23 budget. September 1, 2009. (B) designated by a residential mortgage loan company as the company's representative. (a-1) The commissioner may seek to collect from a residential mortgage loan originator the amount paid from the recovery fund on behalf of the residential mortgage loan originator and any costs associated with investigating and processing the claim against the fund or with collection of reimbursement for payments from the recovery fund, plus interest at the current legal rate until the amount has been repaid in full. Mortgage Servicing News 87(5), eff. If the person does not prevail, any portion of the deposit in excess of the costs of the hearing assessed against that person shall be refundable. The new NMLS Checklists provide greater guidance to the mortgage industry on: Who is required to have a license or registration, Required . 160 (S.B. Sept. 1, 2001; Acts 2001, 77th Leg., ch. September 1, 2011. A person is considered to have been convicted of a criminal offense if: (1) a sentence is imposed on the person; (2) the person received probation or community supervision, including deferred adjudication or community service; or. Complete education for obtaining a mortgage loan originator license with the Texas SML. 1124), Sec. Sept. 1, 1999. (b) The finance commission, by rule, shall adopt a standard disclosure form to be used by the residential mortgage loan originator. (e) If the preliminary determination under Subsection (c)(2) is disputed by the applicant, the license holder, or any surety by written notice to the commissioner before the 31st day after the notification date, the matter shall be set for a hearing governed by Chapter 2001, Government Code, and the hearing rules of the finance commission. 1004), Sec. 655 (S.B. Acts 2009, 81st Leg., R.S., Ch. 3617), Sec. File Annual Report. 6, eff. 655 (S.B. (5) appear at hearings or judicial proceedings related to the fund. Acts 2011, 82nd Leg., R.S., Ch. A second or subsequent conviction for an offense under this subsection shall be punished as a Class A misdemeanor. Department of Savings and Mortgage Lending. 963 (S.B. Based on the findings of fact, conclusions of law, and recommendations of the hearings officer, the commissioner by order may find a violation has occurred or not occurred. 8, eff. Acts 2013, 83rd Leg., R.S., Ch. RELIANCE ON WRITTEN NOTICES FROM COMMISSIONER. 867, Sec. Amended by Acts 2001, 77th Leg., ch. (c) If the commissioner determines that a person has met the requirements of Subsection (b), the commissioner shall issue a registration to the person. Acts 2015, 84th Leg., R.S., Ch. 156.002. (b) A person who received money, or the equivalent of money, as a fee or profit because of or in consequence of the person acting as a residential mortgage loan originator without an active license or being exempt under this chapter is liable for damages in an amount that is not less than the amount of the fee or profit received and not to exceed three times the amount of the fee or profit received, as may be determined by the court. CIVIL ACTIONS AND INJUNCTIVE RELIEF. September 1, 2013. 156.213. 1004), Sec. The Mortgage Licensing Group, Inc. 170, Sec. Sec. 160 (S.B. 407, Sec. 160 (S.B. 156.005. 2, eff. 23, eff. 655 (S.B. 655, Sec. 2783), Sec. 18, eff. Be confident and prepared with live instructor Q&A, test prep, exam simulator, and TX elective. STATUTE OF LIMITATIONS. Acts 2009, 81st Leg., R.S., Ch. 1124), Sec. Residential mortgage loan servicers for residential mortgage loans secured by a lien on residential real estate in Texas are required to be registered with the Department. Acts 2009, 81st Leg., R.S., Ch. September 1, 2013. 337, Sec. 65(a)(8), eff. (a) On an application for an original license issued under Chapter 157, the applicant, in addition to paying the original application fee, shall pay a fee in the amount of $20. 1124), Sec. 156.001. (a-2) An application for a financial services company registration under Section 156.2012 must be: (b) An application for a residential mortgage loan company license must be accompanied by an application fee in an amount determined by the commissioner not to exceed $375. 1004), Sec. In addition to any other remedy provided by law, the commissioner may institute in district court a suit for injunctive relief and to collect the administrative penalty. Acts 2021, 87th Leg., R.S., Ch. September 1, 2009. 1317 (H.B. 2774), Sec. 1124), Sec. 160, Sec. 655 (S.B. (a) Each licensed residential mortgage loan company shall file a mortgage call report with the commissioner or the commissioner's authorized designee on a form prescribed by the commissioner or authorized designee. September 1, 2011. 3617), Sec. 45, eff. 2774), Sec. 4, eff. 14, eff. 160 (S.B. 135, Sec. 655 (S.B. 156.402. 6.15, eff. 655 (S.B. 156.403. 655, Sec. The amounts received by the commissioner for deposit in the fund shall be held by the commissioner in trust for carrying out the purposes of the fund. 156.502. Sec. September 1, 2005. During the period of suspension, the person may not originate a residential mortgage loan and all compensation received by the person during the period of suspension is subject to forfeiture as provided by Section 156.406(b). 65(a)(1), eff. 160 (S.B. A residential mortgage loan company may be required to make restitution for any amount received by a sponsored residential mortgage loan originator in violation of Chapter 157. Sept. 1, 2001; Acts 2001, 77th Leg., ch. Acts 2007, 80th Leg., R.S., Ch. (a) The commissioner shall establish, administer, and maintain a mortgage grant fund as provided by this subchapter. 1004), Sec. Sec. Acts 2007, 80th Leg., R.S., Ch. (f) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 160 (S.B. 655 (S.B. Sec. Sec. MORTGAGE GRANT FUND. 27, eff. Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. September 1, 2013. With few exceptions, you are entitled on request to be informed about the information that this state governmental body collects about you. 26, eff. 145 Vallecitos De Oro Sept. 1, 1999. 10, eff. (d) The commissioner shall participate in the Nationwide Mortgage Licensing System and Registry as provided by Chapter 180. 1, eff. Acts 2011, 82nd Leg., R.S., Ch. Acts 2009, 81st Leg., R.S., Ch. June 19, 2009. Sec. 87(3), eff. (3) how the residential mortgage loan originator will be compensated. September 1, 2011. 1-877-276-5550 2, eff. (C) supervise the residential mortgage loan origination activities of its sponsored residential mortgage loan originators; (3) pay a registration fee in an amount not to exceed $500; (4) designate an officer of the person to be responsible for the activities of its sponsored residential mortgage loan originators; (5) submit a completed application through the Nationwide Mortgage Licensing System and Registry together with the applicable fee required by Subdivision (3) or Subsection (c); (6) obtain preapproval from the commissioner that the person meets the eligibility requirements for registration as a financial services company; and. (d) If an applicant or person requesting the renewal fails to request a hearing under this section, the commissioner's refusal to issue or renew a license is final and may not be subject to review by the courts. 1254, Sec. September 1, 2011. 655 (S.B. 6.18, eff. 156.2042. Sec. (i) An order revoking the license or registration of a residential mortgage loan company may provide that the person is prohibited, without obtaining prior written consent of the commissioner, from: (1) engaging in the business of originating or making residential mortgage loans; or. TheMortgageTrainingCenter.com. 1018 (H.B. Acts 2011, 82nd Leg., R.S., Ch. $379 Texas-SML MLO Pre-License & Exam Prep Package With this package, you're one click away from getting everything you need to become a licensed mortgage loan originator in Texas. ADMINISTRATIVE PENALTY. (c) Each residential mortgage loan company and the company's qualifying individual licensed under Chapter 157 is responsible to the commissioner and members of the public for any act or conduct performed by the residential mortgage loan originator sponsored by or acting for the residential mortgage loan company in connection with: (1) the origination of a residential mortgage loan; or. (b) Repealed by Acts 2013, 83rd Leg., R.S., Ch. (C) provide information requested by the commissioner as a result of a formal or informal complaint made to the commissioner; (16) failed without just cause to surrender, on demand, a copy of a document or other instrument coming into the person's possession that was provided to the person by another person making the demand or that the person making the demand is under law entitled to receive; (17) disregarded or violated this chapter, a rule adopted by the finance commission under this chapter, or an order issued by the commissioner under this chapter; or. Sept. 1, 2001. The hearing shall be governed by Chapter 2001, Government Code. 7(2), eff. 27, eff. 1124), Sec. (2) investigate the application and issue a preliminary determination, giving the applicant, the license holder, and any surety an opportunity to resolve the matter by agreement or to dispute the preliminary determination. (a) If the commissioner declines or fails to issue or renew a license, the commissioner shall promptly give written notice to the applicant or the person requesting the renewal that the application or renewal, as appropriate, was denied. (b) Subject to Subsection (c), all or any portion of the amount of a penalty that is collected by the commissioner under Sections 156.302, 156.303, 157.023, 157.024, 157.031, 158.105, and 180.202, as determined by the commissioner, may be deposited to the credit of the mortgage grant fund at the end of each fiscal year. 8, eff. Added by Acts 1999, 76th Leg., ch. 156.303. 156.2046. The term includes a credit union subsidiary organization, auxiliary mortgage loan activity company, mortgage company, independent contractor loan processor or underwriter company, and financial services company. Acts 2011, 82nd Leg., R.S., Ch. September 1, 2013. 2, eff. 6.02, eff. 1900), Sec. (b-2) Repealed by Acts 2013, 83rd Leg., R.S., Ch. (a) To recover from the recovery fund, a residential mortgage loan applicant must file a written sworn application with the commissioner in the form prescribed by the commissioner, subject to Section 156.503. Check state agency website for further information: Texas Department of Savings and Mortgage Lending 1317 (H.B. 1317 (H.B. Texas sustained an increase in growth at a quarterly annualized rate of 4.7%, according to the Texas Business Cycle Index, leading to a tightening housing market. September 1, 2011. 85, eff. September 1, 2021. September 1, 2007. 1124), Sec. 160 (S.B. Sec. September 1, 2021. SUBCHAPTER D. LICENSE REVOCATION AND SUSPENSION AND OTHER ACTIONS AGAINST LICENSE HOLDER. 160 (S.B. The commissioner, before commencing an investigation, shall notify the residential mortgage loan company or the residential mortgage loan originator in writing of the complaint and that the commissioner intends to investigate the matter. Study your course work and take the Champions Loan Originator Exam Prep course. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 655 (S.B. 6, eff. Acts 2013, 83rd Leg., R.S., Ch. 1018 (H.B. Sec. 955), Sec. Offering NMLS License Course Bundles Nationwide! (13) "Residential mortgage loan company" means a person, other than an individual, that engages in the business of residential mortgage loan origination on residential real estate located in this state. Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. Sept. 1, 2001. SUBROGATION. September 1, 2011. 1900), Sec. (1) may provide grants in an aggregate amount of not more than $100,000 each year to an auxiliary mortgage loan activity company or another nonprofit organization for the purposes of: (A) providing to consumers financial education relating to mortgage loans; and. This boost to the Texas mortgage license industry is driven primarily by home purchases. September 1, 2013. Acts 2005, 79th Leg., Ch. 228 (H.B. (j) The commissioner may, on not less than 10 days' notice to the person, suspend a person's license without a prior hearing under this chapter if an indictment or information is filed or returned alleging that the person committed a criminal offense involving fraud, theft, or dishonesty. 1124), Sec. BURDEN OF PROOF TO ESTABLISH AN EXEMPTION. Entities whose originators must obtain a RMLO license are as follows: Chapter 342 Regulated Lenders (if they originate secondary mortgage loans) Chapter 347 Manufactured Housing Creditors (a) The commissioner shall administer and enforce this chapter. 1124), Sec. 7, eff. An investment may not be made under this subsection if the investment will impair the necessary liquidity required to satisfy judgment payments awarded under this subchapter. 4, see other Sec. 1018 (H.B. 5. Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. The Texas Company application requires naming a QI that will need to hold the TX MLO license where are the Banker does not require a QI. Step #2 You must complete 20-23 hours of education either online or in person: Step #3 Pass the NMLS Mortgage licensing exam (some states have a state specific test) Step #4 Complete background checks Step #5 Now that you have a sense of some preliminary requirements to get licensed in Texas, MLG is here to guide you through the entire licensing process. September 1, 2011. The hearing shall be governed by Chapter 2001, Government Code. September 1, 2021. 655 (S.B. 407, Sec. Click to email, Legal 160 (S.B. For text of section as amended by Acts 2021, 87th Leg., R.S., Ch. The finance commission by rule shall adopt reasonable terms and conditions for a conditional license. The hearings officer shall provide at least 10 days' notice of the hearing to the applicant or person requesting the renewal. Sec. (3) the court deferred final disposition of the person's case. (a) To be issued an independent contractor loan processor or underwriter company license under this chapter, an applicant must: (b) An independent contractor loan processor or underwriter company or a sponsored residential mortgage loan originator is not authorized to originate residential mortgage loans with a license issued under Subsection (a).
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