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Texas Finance Code - FIN § 180.171. Enrollment with Department of Savings and Mortgage Lending

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

(a) This section applies only to an individual who:

(1) in any 12-consecutive-month period originates five or fewer residential mortgage loans exclusively for a single federally chartered depository institution and the loans are closed within that period;

(2) is contractually prohibited from soliciting, processing, negotiating, or placing a residential mortgage loan with a person other than the depository institution described by Subdivision (1);  and

(3) is sponsored by a life insurance company, or an affiliate of the company, authorized to engage in business in this state.

(b) Before conducting business in this state with respect to a residential mortgage loan, an individual to whom this section applies must enroll as a financial exclusive agent with the Department of Savings and Mortgage Lending until the time any registration with the Nationwide Mortgage Licensing System and Registry is required for the individual by federal law or regulation and a suitable category is created for that registration with that nationwide registry.

(c) An enrollment under this section must be renewed annually.

(d) An individual required under this section to enroll as a financial exclusive agent shall pay to the savings and mortgage lending commissioner an annual fee in an amount not to exceed $40 as prescribed by the commissioner.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 180.171. Enrollment with Department of Savings and Mortgage Lending - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-180-171/

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