Texas mortgage loan originator license requirements

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Virtual Classroom. Champions Advantage. As a business entity looking to offer or sell residential mortgage loans for money or gain, directly or indirectly, you are going to need a mortgage company license. The Texas SAFE Act also requires individuals who may provide clerical or loan processing support as independent contractors to be licensed. In fact, individuals who might not have been required to be licensed in the past may be required to complete the licensing process.

Mortgage companies in Texas are also required to maintain at least one physical office within the state as a condition of licensure. In Texas, all residential mortgage lenders are required to complete at least 23 hours of pre-licensure education.

Additionally, three of those 23 hours must be Texas specific. The term includes a credit union service organization authorized by:. A Section Section The term includes a credit union but does not include a credit union subsidiary organization.

Section v. The term includes a stepparent, stepchild, and stepsibling and a relationship established by adoption. A acting as a real estate broker or salesperson for a buyer, seller, lessor, or lessee of real property;. B bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;. C negotiating, on a party's behalf, any provision of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than a negotiation conducted in connection with providing financing with respect to such a transaction;.

D engaging in an activity for which a person is required to be registered or licensed by the state as a real estate broker or salesperson; and. E offering to engage in an activity described by Paragraphs A through D or to act in the same capacity as a person described by Paragraphs A through D. A is a residential mortgage loan originator and is an employee of:. B is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.

B with respect to Chapters and , the savings and mortgage lending commissioner; and. C with respect to Chapters , , , and , the consumer credit commissioner. A means an individual who for compensation or gain or in the expectation of compensation or gain:. Section 53D. Acts , 82nd Leg.