reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 78 - WRAP MORTGAGE LOANS › Subchapter E - COMPLIANCE AND ENFORCEMENT › Section 78.401 - Required Books and Records by a Wrap Lender Registrant

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. This section clarifies and
				  establishes requirements related to the wrap lender's requirement to maintain
				  information and records necessary to facilitate the Commissioner's inspection
				  of a wrap lender required to register as a residential mortgage loan servicer
				  under Finance Code Chapter 158, as provided by Finance Code §
				  159.252(d)(1). The requirements of this section are in addition to and
				  supplement the requirements a wrap lender registrant or other person is
				  required to maintain as a licensee or registrant under Finance Code Chapters
				  156, 157, 158, or 342, as applicable.
(b) Maintenance of Records, Generally. Each
				  wrap lender registrant must maintain records with respect to each wrap mortgage
				  loan under Finance Code Chapter 159 and make those records available for
				  examination under Finance Code § 159.252. The records required by this
				  section may be maintained using a paper, manual, electronic, or
				  digitally-imaged recordkeeping system, or a combination thereof, unless
				  otherwise specified by other applicable law. The records must be accurate,
				  complete, current, legible, and readily accessible and sortable. If the
				  requirements of other applicable law governing recordkeeping by the wrap loan
				  registrant differ from the requirements of this section, such other applicable
				  law prevails only to extent this section conflicts with the requirements of
				  this section.
(c) Required Records.
				  A wrap lender registrant must maintain the following items:
(1) Wrap Mortgage Servicing Log. A wrap
				  mortgage servicing log for each wrap mortgage loan serviced by a wrap lender
				  registrant, maintained on a current basis (which means that all entries must be
				  made within seven days from the date on which the matters they relate to
				  occurred), setting forth, at a minimum:
(A)
				  the loan or account number, or other unique identifier assigned by the wrap
				  lender registrant to the wrap mortgage loan;
(B) the name and contact information of each
				  wrap borrower; and
(C) the date the
				  wrap mortgage loan was entered into by the wrap lender and wrap
				  borrower.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 78 - WRAP MORTGAGE LOANS › Subchapter E - COMPLIANCE AND ENFORCEMENT › Section 78.402 - Examination of Wrap Lender Registrants

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. This section clarifies and
				  establishes requirements related to the Commissioner's authority to make
				  inspections of a wrap lender required to register as a residential mortgage
				  loan servicer under Finance Code Chapter 158, as provided by Finance Code
				  § 159.252.
(b) Notice of
				  Examination. Except when the Department determines that giving advance notice
				  would impair the examination, the Department will give the primary contact
				  person of the wrap lender registrant listed in NMLS, or a person designated by
				  the primary contact person, advance notice of each examination. Such notice
				  will be sent to the primary contact person's or designated person's mailing
				  address or email address of record with NMLS and will specify the date on which
				  the Department's examiners are scheduled to begin the examination. Failure to
				  actually receive the notice will not be grounds for delay or postponement of
				  the examination. The notice will include a list of the documents and records
				  that must be produced or made available to facilitate the
				  examination.
(c) Scope.
				  Examinations will be conducted to determine compliance with Finance Code
				  Chapter 159, and this chapter, and will specifically address whether:
(1) all required books and records are being
				  maintained in accordance with § 78.401 of this title (relating to Required
				  Books and Records by a Wrap Lender Registrant).
(2) all legal and regulatory requirements
				  applicable to the wrap lender registrant are being properly followed;
				  and
(3) other matters as the
				  Commissioner may deem necessary or advisable to carry out the purposes of
				  Finance Code Chapter 159.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 78 - WRAP MORTGAGE LOANS › Subchapter E - COMPLIANCE AND ENFORCEMENT › Section 78.403 - Investigation of Wrap Lender Registrants

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. The purpose of this section is
				  to implement the requirements of Finance Code § 159.252 concerning the
				  Commissioner's authority to conduct an investigation of a wrap lender required
				  to register as a residential mortgage loan servicer under Finance Code Chapter
				  158.
(b) Reasonable Cause for
				  Investigation. Pursuant to Finance Code § 159.252(b), the Commissioner
				  may, upon a finding of reasonable cause, examine a wrap lender registrant to
				  determine whether the wrap lender registrant is complying with Finance Code
				  Chapter 159, and this chapter. Reasonable cause will be deemed to exist if the
				  Commissioner has received information from a source the Commissioner has no
				  reason to believe to be other than reliable, including documentary or other
				  evidence, or information, indicating facts which a prudent person would deem
				  worthy of investigation as a violation of Finance Code Chapter 159, or this
				  chapter.
(c) Investigations will be
				  conducted as deemed appropriate in light of all the relevant facts and
				  circumstances then known. Such investigation may include any or all of the
				  following:
(1) review and consideration of any
				  complaints received by the Department against a wrap lender
				  registrant;
(2) review of
				  documentary evidence;
(3)
				  interviews with complainants, licensees, and third parties;
(4) obtaining reports, advice, and other
				  comments and assistance from other state and/or or federal regulatory,
				  enforcement, or oversight bodies; and
(5) other lawful investigative techniques as
				  the Commissioner deems necessary or appropriate, including, but not limited to,
				  requesting that complainants or other parties that are the subject of a
				  complaint provide explanatory, clarifying, or supplemental
				  information.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter A - REGISTRATION › Section 79.1 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
As used in this chapter, and in the Department's
					 administration and enforcement of Finance Code, Chapter 158, the following
					 terms have the meanings indicated:
(1)
				  "Commissioner" means the Savings and Mortgage Lending Commissioner appointed
				  under Finance Code, Chapter 13.
(2)
				  "Commissioner's designee" means an employee of the Department performing his or
				  her assigned duties or such other person as the Commissioner may designate in
				  writing. A Commissioner's designee is deemed to be the Commissioner's
				  authorized "personnel or representative" as such term is used in the
				  Act.
(3) "Department" means the
				  Department of Savings and Mortgage Lending.
(4) "Nationwide Mortgage Licensing System and
				  Registry" or "NMLS" means a mortgage licensing system developed and maintained
				  by the Conference of State Bank Supervisors and the American Association of
				  Residential Mortgage Regulators for the licensing and registration of state
				  residential mortgage loan originators.
(5) "Person" has the meaning assigned by Tex.
				  Fin. Code §158.002.
(6) "The
				  Act" means the Residential Mortgage Loan Servicer Registration Act, as provided
				  by Tex. Fin. Code §158.001.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter A - REGISTRATION › Section 79.2 - Required Disclosure

Current through Reg. 49, No. 28; July 12, 2024
(a) Residential
				  mortgage loan servicer registrants must include a written disclosure of the
				  Department's regulatory oversight on all correspondence provided to the
				  borrower, including all periodic statements. The disclosure must be in the
				  current form prescribed by the Department and published on its
				  website.
(b) The requirements of
				  this section apply only to residential mortgage loan registrants servicing
				  residential mortgage loans secured by real estate located in Texas. Residential
				  mortgage loan servicer registrants servicing mortgage loans secured by real
				  estate not located in Texas must not include the written disclosure referenced
				  by this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter A - REGISTRATION › Section 79.3 - Registration - General

Current through Reg. 49, No. 28; July 12, 2024
(a) Applications
				  for Residential Mortgage Loan Servicer registrations must be submitted through
				  the Nationwide Mortgage Licensing System and Registry and must be on the
				  prescribed application form.
(b) A
				  registration, notice, or any other filing with the Department will be deemed
				  submitted only if it is complete. A filing is complete only if all required
				  supporting documentation is included and only if all required fees have been
				  received by the Department. If an applicant fails to provide the Department any
				  information or supplemental documentation within 30 days from the date of
				  request, the application may be deemed withdrawn.
(c) All registrations issued shall be valid
				  for a term of not more than one year from the date of issuance and shall expire
				  on December 31st of the year issued.
(d) The fees for the registration of a
				  residential mortgage loan servicer shall be established by the Commissioner.
				  The amount of the fees may be modified upon not less than 30 days advance
				  notice posted on the Department website. Fees are nonrefundable and
				  nontransferable.
(e) The registrant
				  must notify the Department of any change to any information provided in the
				  registration application within 30 days after the date of the information
				  change.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter A - REGISTRATION › Section 79.4 - Bond Requirement

Current through Reg. 49, No. 28; July 12, 2024
(a) Bonds submitted
				  for the approval of a Residential Mortgage Loan Servicer registration
				  application must be on the prescribed form and for the amount determined
				  applicable under Finance Code §
										RSA 158.055(b) or
				  (c).
(b) The name of the principal insured on the
				  bond must match exactly the name filed with the Texas Secretary of State, if
				  applicable. If the bond is a paper bond, it must include the surety seal and an
				  attached power of attorney.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter A - REGISTRATION › Section 79.5 - Renewal of Registration

Current through Reg. 49, No. 28; July 12, 2024
A registration may be renewed upon:
(1) the submission of a completed application
				  for renewal through the Nationwide Mortgage Licensing System and Registry
				  together with the payment of the application renewal fee; and
(2) determination that the applicant
				  continues to meet the minimum requirements for registration issuance.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter B - COMPLAINTS AND INVESTIGATIONS › Section 79.20 - Investigations

Current through Reg. 49, No. 28; July 12, 2024
(a) Investigations
				  will be conducted as deemed appropriate in light of all the relevant facts and
				  circumstances then known. Such investigation may include any or all of the
				  following:
(1) review of documentary
				  evidence;
(2) interviews with
				  complainants, registrants, and third parties;
(3) obtaining reports, advice, and other
				  comments and assistance of other state and/or federal regulatory, enforcement,
				  or oversight bodies; and
(4) other
				  lawful investigative techniques as the Commissioner reasonably deems necessary
				  and/or appropriate, including, but not limited to, requesting that complainants
				  and/or other parties made the subject of complaints provide explanatory,
				  clarifying, or supplemental information.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter C - HEARINGS AND APPEALS › Section 79.30 - Hearings and Appeals

Current through Reg. 49, No. 28; July 12, 2024
As determined by the Commissioner, the Hearings Officer for
					 the Finance Commission or an Administrative Law Judge at the State Office of
					 Administrative Hearings (SOAH) may be designated as the hearings officer for
					 hearings under this chapter. All such hearings are to be conducted in
					 accordance with Chapter 9 of this title (relating to Rules of Procedure for
					 Contested Case Hearings, Appeals, and Rulemakings), including, but not limited
					 to motions for rehearing, notices of appeal, and applications for review and
					 shall be a contested case governed by Chapter 2001, Government Code. All such
					 hearings, unless specifically authorized by the Commissioner, shall be
					 conducted in Austin, Travis County, Texas. Such rules, as set forth in Chapter
					 9 of this title, are incorporated herein by reference for all
					 purposes.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter D - INTERPRETATIONS › Section 79.40 - Interpretations

Current through Reg. 49, No. 28; July 12, 2024
In order to provide clarification as to how the Act will be
					 construed and implemented, the Commissioner may, from time to time, publish
					 written interpretations of the Act and these regulations.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 79 - RESIDENTIAL MORTGAGE LOAN SERVICERS › Subchapter E - SAVINGS CLAUSE › Section 79.50 - Savings Clause

Current through Reg. 49, No. 28; July 12, 2024
If any portion or provision of this chapter is found to be
					 illegal, invalid, or unenforceable, such illegality, invalidity, or lack of
					 enforceability shall not affect or impair the legality, validity, and
					 enforceability of the remainder thereof, all of which shall remain in full
					 force and effect.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter A - GENERAL PROVISIONS › Section 80.1 - Scope

Current through Reg. 49, No. 28; July 12, 2024
This chapter governs the licensing, registration, and
					 conduct of mortgage companies, financial services companies, credit union
					 subsidiary organizations, auxiliary mortgage loan activity companies, and
					 independent contractor loan processors and underwriters under Finance Code,
					 Chapter 156. Pursuant to Tex. Fin. Code §156.2012(b)(7), a company
					 registered with the Department as a financial services company is subject to
					 the requirements of this chapter as if the company were licensed by the
					 Department as a mortgage company and the rules contained in this chapter must
					 be construed accordingly.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter A - GENERAL PROVISIONS › Section 80.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
As used in this chapter, and in the Commissioner's
					 administration and enforcement of Finance Code, Chapter 156, the following
					 terms have the meanings indicated:
(1)
				  "Application," as used in Tex. Fin. Code §156.002(14) and paragraph (18)
				  of this section means a request, in any form, for an offer (or a response to a
				  solicitation for an offer) of residential mortgage loan terms, and the
				  information about the mortgage applicant that is customary or necessary in a
				  decision on whether to make such an offer, including, but not limited to, a
				  mortgage applicant's name, income, social security number to obtain a credit
				  report, property address, an estimate of the value of the real estate, and/or
				  the mortgage loan amount.
(2)
				  "Commissioner" means the Savings and Mortgage Lending Commissioner appointed
				  under Finance Code, Chapter 13.
(3)
				  "Commissioner's designee" means an employee of the Department performing his or
				  her assigned duties or such other person as the Commissioner may designate in
				  writing. A Commissioner's designee is deemed to be the Commissioner's
				  authorized "personnel or representative" as such term is used in Finance Code,
				  Chapter 156.
(4) "Compensation"
				  includes salaries, bonuses, commissions, and any financial or similar
				  incentive.
(5) "Control person"
				  means an individual that directly or indirectly exercises control over a
				  mortgage company. Control is defined by the power, directly or indirectly, to
				  direct the management or policies of a mortgage company, whether through
				  ownership of securities, by contract, or otherwise. Control person includes any
				  person that:
(A) is a director, general
				  partner or executive officer;
(B)
				  directly or indirectly has the right to vote 10% or more of a class of a voting
				  security or has the power to sell or direct the sale of 10% or more of a class
				  of voting securities;
(C) in the
				  case of an LLC, is a managing member; or
(D) in the case of a partnership, has the
				  right to receive upon dissolution, or had contributed, 10% or more of the
				  partnership's capital assets.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter A - GENERAL PROVISIONS › Section 80.3 - Interpretations

Current through Reg. 49, No. 28; July 12, 2024
In order to provide clarification as to how Finance Code,
					 Chapter 156 will be construed and implemented the Commissioner may, from time
					 to time, publish written interpretations of Finance Code, Chapter 156 and this
					 chapter.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter A - GENERAL PROVISIONS › Section 80.4 - Enforceability of Liens

Current through Reg. 49, No. 28; July 12, 2024
A violation of this chapter shall not render an otherwise
					 lawfully taken lien unenforceable.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter A - GENERAL PROVISIONS › Section 80.5 - Savings Clause

Current through Reg. 49, No. 28; July 12, 2024
If any portion or provision of this chapter is found to be
					 illegal, invalid, or unenforceable, such illegality, invalidity, or lack of
					 enforceability shall not affect or impair the legality, validity, and
					 enforceability of the remainder hereof, all of which shall remain in full force
					 and effect.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter B - LICENSING › Section 80.100 - Licensing - General

Current through Reg. 49, No. 28; July 12, 2024
(a) A person is
				  required to be licensed under Finance Code, Chapter 156 if the person:
(1) Engages in the business of residential
				  mortgage loan origination on real property located in the state of
				  Texas;
(2) Represents or holds
				  himself out to the public as a "loan officer," "mortgage consultant," "mortgage
				  broker," "loan modification/refinance consultant," or "residential mortgage
				  loan originator," or otherwise represents that the individual can or will
				  perform the activities of a residential mortgage loan originator;
(3) Provides disclosures to a prospective
				  borrower or discusses or explains such disclosures. Disclosures include but are
				  not limited to the residential mortgage loan originator disclosure form; truth
				  in lending disclosures, the good faith estimate of settlement costs, affiliated
				  business arrangements; and disclosures relating to the dual role as a
				  residential mortgage loan originator and real estate broker or sales agent. An
				  individual who prepares a required disclosure under the direction and
				  supervision of a licensed residential mortgage loan originator, but who does
				  not discuss the disclosure with a prospective borrower shall not be deemed to
				  have provided a disclosure for purposes of this paragraph;
(4) Determines the lender(s) or investor(s)
				  to whom the loan will be submitted;
(5) Issues or signs a prequalification letter
				  or preapproval letter; or
(6) Is a
				  loan processor or underwriter who is an independent contractor.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter B - LICENSING › Section 80.101 - Sponsorship of Originator; Responsibility for Originator's Actions

Current through Reg. 49, No. 28; July 12, 2024
(a) Sponsorship
				  Required. A mortgage company acts by and through one or more originators who
				  must be sponsored by the mortgage company in NMLS. In order to sponsor an
				  originator, the mortgage company must first register a relationship with the
				  originator in NMLS. Once such relationship has been registered, the mortgage
				  company may then file a request in NMLS to establish sponsorship of the
				  originator. An originator must make corresponding license record amendments in
				  NMLS in order to establish such sponsorship, as provided by this section.
				  Sponsorship is not effective until the sponsorship request has been reviewed
				  and approved by the Department. A mortgage company must not allow an individual
				  to act on its behalf in the capacity of an originator until such sponsorship
				  has been established and is effective.
(b) Responsibility for Originator's Actions.
				  By sponsoring an originator, or otherwise allowing an individual to act on its
				  behalf in the capacity of an originator, that mortgage company and the
				  Qualified Individual for the mortgage company each assumes responsibility for
				  the actions of such originator or individual acting in the capacity of an
				  originator. As provided by Tex. Fin. Code § 156.201, all violations of law
				  by an originator or individual acting in the capacity of an originator are
				  deemed to be attributable and imputed to the mortgage company sponsoring the
				  originator or for which the individual acting as an originator was allowed to
				  act, and the Commissioner may seek disciplinary action against the mortgage
				  company, the Qualified Individual for the mortgage company, and the originator
				  simultaneously for the same conduct giving rise to the alleged violation. As a
				  result, a mortgage company and its Qualified Individual are both charged with
				  knowledge of and must ensure compliance by their sponsored originators with the
				  requirements of Finance Code Chapters 157 and 180, and the requirements of the
				  Department's rules pertaining to originators contained in Chapter 81 of this
				  title (relating to Mortgage Bankers and Residential Mortgage Loan
				  Originators).
(c) Termination of
				  Sponsorship. Sponsorship may be terminated by either the sponsoring mortgage
				  company or the sponsored originator. If sponsorship is terminated, the party
				  terminating the sponsorship must immediately make a license record amendment in
				  NMLS notifying the Department that the sponsorship has been terminated, as
				  provided by Tex. Fin. Code §156.211 and §157.019.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter B - LICENSING › Section 80.102 - Qualified Individual

Current through Reg. 49, No. 28; July 12, 2024
(a) Qualified
				  Individual Required. A mortgage company must appoint at least one originator to
				  be the mortgage company's qualifying individual for purposes of Tex. Fin. Code
				  §156.002 (Qualified Individual). As provided by Tex. Fin. Code
				  §156.002, the Qualified Individual is a personal representative of the
				  mortgage company and is deemed to have authority to bind the mortgage company
				  concerning its operations in Texas. In order to serve as the Qualified
				  Individual the licensee must hold his or her individual license in a status
				  which enables him or her to engage in regulated activities with the license,
				  and must be sponsored by the mortgage company for which he or she seeks to
				  serve as Qualified Individual. A mortgage company may appoint more than one
				  originator as Qualifying Individual. If a mortgage company appoints more than
				  one originator to serve as Qualified Individual, each such originator is deemed
				  to serve concurrently and is responsible for all of the originators sponsored
				  by the mortgage company or individuals otherwise allowed to act as originator
				  on its behalf.
(b) Consent
				  Required. The appointment of the Qualified Individual must be consented to by
				  the originator. The originator must acknowledge and confirm his or her consent
				  by making a corresponding license record amendment in NMLS to reflect such
				  appointment using the appropriate form prescribed by NMLS.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter B - LICENSING › Section 80.105 - Fees

Current through Reg. 49, No. 28; July 12, 2024
(a) License fees
				  will be established by the Commissioner in accordance with Finance Code Chapter
				  156. The amount of the fees may be modified on not less than 30 days' advance
				  notice posted on the Department's website.
(b) All fees are nonrefundable and
				  nontransferable.
(c) The
				  Commissioner may, in addition to taking disciplinary action, collect a fee in
				  an amount not to exceed $50 for any returned check or credit card
				  chargeback.
(d) For examinations
				  that are conducted outside of Texas, the Commissioner may collect reimbursement
				  of actual expenses. Actual expenses incurred will be in compliance with the
				  Department's policies and procedures.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter B - LICENSING › Section 80.106 - Renewals

Current through Reg. 49, No. 28; July 12, 2024
(a) A license may
				  be renewed upon:
(1) submission of a
				  completed application for renewal through NMLS together with payment of the
				  applicable renewal application fee; and
(2) a determination that the applicant
				  continues to meet the minimum requirements for licensure.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter B - LICENSING › Section 80.107 - NMLS License Records; Notice to Licensee

Current through Reg. 49, No. 28; July 12, 2024
(a) Amendments to License Records Required.
				  Unless Tex. Fin. Code §156.211 applies and requires additional notice, a
				  mortgage company must amend its NMLS license records (MU1 filing) within 10
				  days after any material change occurs affecting any aspect of the MU1 filing,
				  including but not limited to:
(1) name (which
				  must be accompanied by supporting documentation submitted to the Department
				  establishing the name change);
(2)
				  the addition or elimination of an assumed name (a/k/a trade name or "doing
				  business as" name; which must be accompanied by a certificate of assumed
				  business name or other documentation establishing or abandoning the assumed
				  name);
(3) the contact information
				  for the mortgage company listed in the MU1 filing under "Identifying
				  Information":
(A) principal address (main
				  address);
(B) mailing
				  address;
(C) phone
				  number;
(D) fax number;
				  and
(E) email address;
(4) the contact information listed
				  under "Resident/Registered Agent";
(5) the contact information listed under
				  "Contact Employee Information;" and
(6) answers to disclosure questions (which
				  must be accompanied by explanations for each such disclosure, together with
				  supporting documentation concerning such disclosure).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.200 - Required Disclosures

Current through Reg. 49, No. 28; July 12, 2024
(a) Specific
				  Notice to Applicant. A mortgage company or its sponsored originator must
				  provide the following notice to a residential mortgage loan applicant with an
				  initial application for a residential mortgage loan, and the mortgage company
				  must maintain in its records evidence of the timely delivery of such
				  disclosure:
Attached
					 Graphic
(b)
				  Posted Notice on Mortgage Company Websites and Social Media Sites. A mortgage
				  company or its sponsored originator must post in conspicuous fashion the
				  following notice on each website and social media site of the mortgage company
				  or sponsored originator that is accessible by a mortgage applicant or
				  prospective mortgage applicant and either used to conduct residential mortgage
				  loan origination business by the mortgage company or sponsored originator, or
				  from which the mortgage company or sponsored originator advertises to solicit
				  such business, as provided by §
										RSA 80.203 of this
				  title (relating to Advertising):
Attached
					 Graphic
(c)
				  Disclosures in Correspondence. A mortgage company must provide the following
				  information on all correspondence sent to a mortgage applicant:
(1) the name of the mortgage company,
				  followed by the mortgage company's NMLS identification number; and
(2) if the correspondence is from a sponsored
				  originator, the name of the sponsored originator, followed by the sponsored
				  originator's NMLS identification number.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.201 - Loan Status Forms

Current through Reg. 49, No. 28; July 12, 2024
(a) Except as
				  otherwise provided by subsection (c) of this section, when provided to a
				  mortgage applicant or prospective mortgage applicant, written confirmation of
				  conditional pre-qualification shall include the information in Form A, Figure:
				  7 TAC § 80.201(a). This information can be provided by utilizing Form A or
				  an alternate form that includes all of the information found on Form A. There
				  is no requirement to issue a written confirmation of conditional
				  pre-qualification. Form A or an alternate form may be modified by adding any of
				  the following as needed:
Attached Graphic
(1) Any additional aspects of the loan as
				  long as not misleading;
(2) Any
				  additional items that the originator has reviewed in determining conditional
				  qualifications; or
(3) Any
				  additional terms, conditions, and requirements.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.202 - Prohibition on False, Misleading, or Deceptive Practices and Improper Dealings

Current through Reg. 49, No. 28; July 12, 2024
(a) False,
				  Misleading or Deceptive Practices. The following conduct by a mortgage company
				  or its sponsored originator constitutes fraudulent and dishonest dealings for
				  purposes of Tex. Fin. Code §156.303(a)(3):
(1) knowingly misrepresenting the mortgage
				  company's or its sponsored originator's relationship to a mortgage applicant or
				  any other party to an actual or proposed residential mortgage loan
				  transaction;
(2) knowingly
				  misrepresenting or understating any cost, fee, interest rate, or other expense
				  in connection with a mortgage applicant's applying for or obtaining a
				  residential mortgage loan;
(3)
				  knowingly overstating, inflating, altering, amending, or disparaging any source
				  or potential source of residential mortgage loan funds in a manner which
				  disregards the truth or makes any knowing and material misstatement or
				  omission;
(4) knowingly
				  participating in or permitting the submission of false or misleading
				  information of a material nature to any person in connection with a decision by
				  that person whether or not to make or acquire a residential mortgage
				  loan;
(5) as provided for by the
				  Real Estate Settlement Procedures Act and Regulation X, brokering, arranging,
				  or making a residential mortgage loan in which the mortgage company retains
				  fees or receives other compensation for services which are not actually
				  performed or where the fees or other compensation received bear no reasonable
				  relationship to the value of services actually performed;
(6) recommending or encouraging default or
				  delinquency or continuation of an existing default or delinquency by a mortgage
				  applicant on any existing indebtedness prior to closing a residential mortgage
				  loan which refinances all or a portion of such existing indebtedness;
(7) altering any document produced or issued
				  by the Department, unless otherwise permitted by statute or a rule of the
				  Department; or
(8) engaging in any
				  other practice which the Commissioner, by published interpretation, has
				  determined to be false, misleading, or deceptive.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.203 - Advertising

Current through Reg. 49, No. 28; July 12, 2024
(a) A mortgage
				  company or sponsored originator that advertises rates, terms, or conditions
				  must comply with the disclosure requirements of Regulation Z.
(b) Any advertisement of residential mortgage
				  loans or for residential mortgage loan origination services which is offered by
				  or through a mortgage company or sponsored originator must conform to the
				  following requirements:
(1) a mortgage company
				  or sponsored originator may only advertise for such products and terms as are
				  actually available and, if availability is subject to any material requirements
				  or limitations, the advertisement must specify those requirements or
				  limitations;
(2) except as provided
				  in subsections (c) and (d) of this section the advertisement must contain:
(A) the name of the mortgage company followed
				  by the mortgage company's NMLS identification number; and
(B) the name of the sponsored originator
				  followed by the sponsored originator's NMLS identification number;
(3) an advertisement must not make
				  any statement or omit relevant information, the result of which is to present a
				  misleading or deceptive representation to consumers; and
(4) an advertisement must comply with
				  applicable state and federal disclosure requirements.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.204 - Books and Records

Current through Reg. 49, No. 28; July 12, 2024
(a) Maintenance
				  of Records, Generally. In order to ensure a mortgage company will have all
				  records necessary to facilitate an inspection (including an examination) of the
				  mortgage company by the Commissioner or the Commissioner's designee, enable the
				  Commissioner or the Commissioner's designee to investigate complaints against a
				  mortgage company or its sponsored originators, and otherwise ensure compliance
				  with the requirements of Finance Code Chapter 156, and this chapter, a mortgage
				  company must maintain records as prescribed by this section.
(1) Format. The records required by this
				  section may be maintained by using a physical, electronic, or digitally-imaged
				  recordkeeping system, or a combination thereof. The records must be accurate,
				  complete, current, legible, and readily accessible and sortable.
(2) Location. A mortgage company must ensure
				  the records required by this section (or true and correct copies thereof) are
				  maintained at or are otherwise readily accessible from either the main office
				  of the mortgage company or the location the mortgage company has designated in
				  its MU1 filing under "Books and Records Information" in NMLS. (For purposes of
				  this section "main office" has the meaning assigned by §
											RSA
				  80.206 of this title (relating to Office
				  Locations; Remote Work.)
(3)
				  Production of Records; Disciplinary Action. All records required by this
				  section must be maintained in good order and produced for the Commissioner or
				  the Commissioner's designee upon request. Failure to produce records upon
				  request after a reasonable time for compliance may result in disciplinary
				  action against the mortgage company, including, but not limited to, suspension
				  or revocation of the mortgage company's license.
(4) Retention Period. All records required by
				  this section must be maintained for 3 years or such longer period as may be
				  required by other applicable law.
(5) Conflicting Law. If the requirements of
				  other applicable law governing recordkeeping by the mortgage company differ
				  from the requirements of this section, such other applicable law prevails only
				  to the extent this section conflicts with the requirements of this
				  section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.205 - Mortgage Call Reports

Current through Reg. 49, No. 28; July 12, 2024
(a) Call
				  Report.
(1) A mortgage company must file a
				  mortgage call report on a quarterly basis. The filing deadlines are set by NMLS
				  .
(2) A call report is required to
				  be filed for each quarter a license is held, including partial
				  quarters.
(3) The call report must
				  be submitted through and in the manner and form prescribed by NMLS.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter C - DUTIES AND RESPONSIBILITIES › Section 80.206 - Office Locations; Remote Work

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. The following terms, when
				  used in this section, will have the following meanings, unless the context
				  clearly indicates otherwise.
(1)
				  "Administrative office" means any office of a mortgage company that is separate
				  and distinct from its main office or a branch office, whether located in Texas
				  or not, at which the mortgage company conducts residential mortgage loan
				  business in Texas. The term does not include a "remote location" as defined by
				  this section. The term includes:
(A) an
				  office or location at which the employees of the mortgage company act solely in
				  the capacity of a "loan processor or underwriter," as that term is defined by
				  Tex. Fin. Code §180.002;
(B)
				  an office or location at which the employees of the mortgage company perform
				  solely administrative or clerical tasks on behalf of an individual licensed as
				  an originator, as provided by Tex. Fin. Code §180.002(19)(B)(i);
				  or
(C) an office or location which
				  conducts any combination of activities described by subparagraphs (A) or (B) of
				  this paragraph.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter D - COMPLIANCE AND ENFORCEMENT › Section 80.300 - Examinations

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  Commissioner, or the Commissioner's designee(s), will conduct periodic
				  examinations of a mortgage company or sponsored originator as the Commissioner
				  deems necessary.
(b) Notice of
				  Examination. Except when the Department determines that giving advance notice
				  would impair the examination, the Department will give the primary contact
				  person of the mortgage company listed in NMLS or a person designated by the
				  primary contact person advance notice of each examination. Such notice will be
				  sent to the primary contact person's or designated person's mailing address or
				  email address of record with NMLS and will specify the date on which the
				  Department's examiners are scheduled to begin the examination. Failure to
				  actually receive the notice will not be grounds for delay or postponement of
				  the examination. The notice will include a list of the documents and records
				  that must be produced or made available to facilitate the
				  examination.
(c) Examinations will
				  be conducted to determine compliance with Finance Code, Chapter 156 and this
				  chapter, and will specifically address whether:
(1) all persons conducting residential
				  mortgage loan origination activities are properly licensed and
				  sponsored;
(2) all office locations
				  are properly licensed or registered, as provided by §
											RSA 80.206 of
				  this title (relating to Office Locations; Remote Work);
(3) all required books and records are being
				  maintained in accordance with §
											RSA 80.204 of
				  this title (relating to Books and Records);
(4) legal and regulatory requirements
				  applicable to the mortgage company and its originators are being properly
				  followed; and
(5) other matters as
				  the Commissioner may deem necessary or advisable to carry out the purposes of
				  Finance Code, Chapter 156.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter D - COMPLIANCE AND ENFORCEMENT › Section 80.301 - Investigations, Administrative Penalties, and Disciplinary and/or Enforcement Actions

Current through Reg. 49, No. 28; July 12, 2024
(a) Investigations
				  will be conducted as deemed appropriate in light of all the relevant facts and
				  circumstance then known. Such investigation may include any or all of the
				  following:
(1) review of documentary
				  evidence;
(2) interviews with
				  complainants, licensees, and third parties;
(3) obtaining reports, advice, and other
				  comments and assistance of other state and/or federal regulatory, enforcement,
				  or oversight bodies; and
(4) other
				  lawful investigative techniques as the Commissioner reasonably deems necessary
				  and/or appropriate, including, but not limited to, requesting that complainants
				  and/or other parties made the subject of complaints provide explanatory,
				  clarifying, or supplemental information.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 80 - RESIDENTIAL MORTGAGE LOAN COMPANIES › Subchapter D - COMPLIANCE AND ENFORCEMENT › Section 80.302 - Hearings and Appeals

Current through Reg. 49, No. 28; July 12, 2024
(a) As
				  determined by the Commissioner, hearings may be conducted in accordance with
				  Chapter 9 of this title including, but not limited to motions for rehearing,
				  notices of appeal, and applications for review. All hearings shall, unless
				  specifically authorized by the Commissioner, be conducted in Austin, Travis
				  County, Texas. All appeals of decisions of the Commissioner shall be made to
				  the State District Court in Travis County, Texas. Such rules, as set forth in
				  Chapter 9 of this title are incorporated herein by reference for all
				  purposes.
(b) If a person against
				  whom an order is made requires a hearing, the Commissioner shall set and give
				  notice of a hearing before the Commissioner or a hearings officer. The hearing
				  shall be governed by Government Code, Chapter 2001. Based on the findings of
				  fact, conclusions of law, and any recommendations of the hearings officer, the
				  Commissioner shall, by order, find that a violation has or has not
				  occurred.
(c) Appeals of an order
				  denying an application or the renewal of a license must be properly requested
				  within ten calendar days of the date on which the initial order is received.
				  All other appeals must be properly requested within thirty days of the date on
				  which the initial order is issued. Any order not properly appealed by the
				  applicable deadline becomes final without further action by the commissioner
				  and cannot be appealed.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter A - GENERAL PROVISIONS › Section 81.1 - Scope

Current through Reg. 49, No. 28; July 12, 2024
This chapter governs the licensing, registration, and
					 conduct of residential mortgage loan originators and mortgage bankers under
					 Finance Code, Chapter 157 and Chapter 180, except for individuals engaged in
					 authorized activity subject to the authority of a regulatory official under
					 Tex. Fin. Code §180.251(c).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter A - GENERAL PROVISIONS › Section 81.3 - Interpretations

Current through Reg. 49, No. 28; July 12, 2024
In order to provide clarification as to how Finance Code,
					 Chapter 157 and Chapter 180 will be construed and implemented, the Commissioner
					 may, from time to time, publish written interpretations of Finance Code,
					 Chapter 157 and Chapter 180, and this chapter.