Texas Finance Code 180.051 – State License Required; Renewal
(a) Unless exempted by § 180.003 or acting under the temporary authority described under § 180.0511, an individual may not engage in business as a residential mortgage loan originator with respect to a dwelling located in this state unless the individual:
(1) is licensed to engage in that business under Chapter 156, 157, 342, 347, 348, or 351; and
(2) complies with the requirements of this chapter.
(b) Unless exempted by § 180.003, a loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains the appropriate residential mortgage loan originator license and complies with the requirements of this chapter.
Terms Used In Texas Finance Code 180.051
- 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
(c) The individual must renew the license annually to be considered licensed for purposes of this section.
(d) Notwithstanding any provision of law listed in Subsection (a)(1), the regulatory official shall provide for annual renewal of licenses for individuals seeking to engage in residential mortgage loan origination activities.