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Texas Finance Code - FIN § 156.2044. Qualifications and Requirements for License: Independent Contractor Loan Processor or Underwriter Company

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) To be issued an independent contractor loan processor or underwriter company license under this chapter, an applicant must:

(1) submit a completed application together with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;

(2) designate control persons for the company through the Nationwide Mortgage Licensing System and Registry;

(3) designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual; and

(4) not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.

(b) An independent contractor loan processor or underwriter company or a sponsored residential mortgage loan originator is not authorized to originate residential mortgage loans with a license issued under Subsection (a).

(c) Repealed by Acts 2013, 83rd Leg., ch. 160 (S.B. 1004), § 87(5).

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 156.2044. Qualifications and Requirements for License: Independent Contractor Loan Processor or Underwriter Company - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-156-2044/

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