Texas Finance Code 180.057 – Testing Requirements
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(a) An applicant for a residential mortgage loan originator license must pass a qualified, written test that:
(1) meets the standards and requirements established by the S.A.F.E. Mortgage Licensing Act;
(2) is developed by the Nationwide Mortgage Licensing System and Registry; and
(3) is administered by a test provider in accordance with the S.A.F.E. Mortgage Licensing Act.
(b) An individual may retake the test the number of times and within the period prescribed by the S.A.F.E. Mortgage Licensing Act.
Terms Used In Texas Finance Code 180.057
- 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
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) An individual who fails to maintain a residential mortgage loan originator license for at least five consecutive years must retake the test.
(d) This section does not prohibit a test provider approved in accordance with the S.A.F.E. Mortgage Licensing Act from providing a test at the location of:
(1) the license applicant’s employer;
(2) a subsidiary or affiliate of the applicant’s employer; or
(3) an entity with which the applicant holds an exclusive arrangement to conduct the business of a residential mortgage loan originator.