Texas Finance Code 157.012 – License Required for Residential Mortgage Loan Originators
(a) An individual may not act or attempt to act in the capacity of a residential mortgage loan originator unless the individual is exempt under § 157.0121 or 180.003(b), is acting under the temporary authority described under § 180.0511, or:
(1) is licensed under this chapter, sponsored by an appropriate entity, and enrolled with the Nationwide Mortgage Licensing System and Registry as required by § 180.052; and
(2) complies with other applicable requirements of Chapter 180 and rules adopted by the finance commission under that chapter.
(b) The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).
Terms Used In Texas Finance Code 157.012
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) To be eligible to be licensed as a residential mortgage loan originator, the individual, in addition to meeting the requirements of Subsection (a), must:
(1) satisfy the commissioner as to the individual’s honesty, trustworthiness, and integrity;
(2) not be in violation of this chapter, Chapter 180, or any rules adopted under this chapter or Chapter 180;
(3) provide the commissioner with satisfactory evidence that the individual meets the qualifications provided by Chapter 180; and
(4) be a citizen of the United States or a lawfully admitted alien.
(d) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(8), eff. September 1, 2013.
(e) In this section, “appropriate entity” means an entity:
(1) that is licensed or registered under this chapter or Chapter 156; and
(2) for which the individual is acting as a residential mortgage loan originator.