Tex.
Fin. Code Section 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 Section 157.0121 (Exemptions from Residential Mortgage Loan Originator Requirements) or 180.003 (Exemption)(b), is acting under the temporary authority described under Section 180.0511 (Temporary Authority to Originate Loans), 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 Section 180.052 (Enrollment or Registration with Nationwide Mortgage Licensing System and Registry); and(2)
complies with other applicable requirements of Chapter 180 (Residential Mortgage Loan Originators) 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).(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 (Residential Mortgage Loan Originators), or any rules adopted under this chapter or Chapter 180 (Residential Mortgage Loan Originators);(3)
provide the commissioner with satisfactory evidence that the individual meets the qualifications provided by Chapter 180 (Residential Mortgage Loan Originators); 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Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(8), eff.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 (Residential Mortgage Loan Companies); and(2)
for which the individual is acting as a residential mortgage loan originator.
Source:
Section 157.012 — License Required for Residential Mortgage Loan Originators, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.157.htm#157.012 (accessed Apr. 29, 2024).
