Texas Finance Code
§ 156.2044 — QUALIFICATIONS AND REQUIREMENTS FOR LICENSE: INDEPENDENT CONTRACTOR LOAN PROCESSOR OR UNDERWRITER COMPANY
FI § 156.2044Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 156. RESIDENTIAL MORTGAGE LOAN COMPANIES · Art. C. RESIDENTIAL MORTGAGE LOAN COMPANY LICENSES AND REGISTRATION
Statute text
View on source(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).
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 23, eff. September 1, 2013. Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 24, eff. September 1, 2013. Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 87(5), eff. September 1, 2013.