Texas Regulatory Update

TEXAS FINANCE COMMISSION RULES

 

The Finance Commission of Texas recently adopted new rules related to mortgage loan originator licensing requirements for military service members, military veterans, and military spouses, effective November 7, 2019.

 

An individual is exempt from any increased fee or other penalty for failing to renew a residential mortgage loan originator license by the renewal deadline if the individual can establish that he or she failed to renew the license on time because they were serving as a military service member. 

 

A qualifying applicant who is a military service member, military veteran, or military spouse may be given expedited processing of an application for a mortgage loan originator license if the applicant:

  • Holds a current license in another jurisdiction as a residential mortgage loan originator in accordance with the federal S.A.F.E. Mortgage Licensing Act; or
  • Held a residential mortgage loan originator license in Texas within the five years preceding the application date.

 

Military service, training, or education will be credited toward licensing requirements as part of an applicant’s employment history.

 

A military spouse may engage in business as a residential mortgage loan originator if the spouse is currently licensed in good standing in another jurisdiction with licensing requirements that are substantially equivalent to the requirements in Texas.

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Diane Jenkins

Attorney

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