Texas Adopts Provisions Regarding Regulations Governing Residential Mortgage Licensees.
On October 29, 2021, the Texas Finance Commission (TFC) adopted amendments, effective November 4, 2021, regarding rules governing residential mortgage licensees.
These amendments are applicable to (1) licensed Mortgage Loan Companies under the Residential Mortgage Loan Company Licensing and Registration Act and (2) licensed Mortgage Bankers and Mortgage Loan Originators (MLOs) under the Mortgage Banker Registration and Residential Mortgage Loan Originator Act and the Texas Fair Enforcement for Mortgage License Act.
The amendments regarding Mortgage Loan Company licensees include:
7 TAC 80.300 – providing, in part, that a “primary contact person” instead of the “qualifying individual” will receive “advance notice of each examination.”
7 TAC 80.203, .204, .206 – sets forth new requirements for advertising, books and records storage, office locations and requirements for licensees engaging in remote work.
7 TAC 80.2 – updates the definitions section.
The amendments regarding Mortgage Banker and Mortgage Loan Originator licensees include:
7 TAC 81.300 – provides, in part, that a “primary contact person” instead of the “qualifying individual” will receive “advance notice of each examination.”
7 TAC 81.203, .204, .206 – sets forth new requirements for advertising, books and records storage, office locations and requirements for licensees engaging in remote work.
7 TAC 81.2 – updates the definitions section.