Texas Finance Code
§ 180.171 — ENROLLMENT WITH DEPARTMENT OF SAVINGS AND MORTGAGE LENDING
FI § 180.171Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 180. RESIDENTIAL MORTGAGE LOAN ORIGINATORS · Art. D-1. REQUIREMENT FOR INDIVIDUALS ORIGINATING RESIDENTIAL MORTGAGE LOANS EXCLUSIVELY FOR CERTAIN DEPOSITORY INSTITUTION
Statute text
View on source(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.
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Legislative history
Added by Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 63, eff. November 1, 2011.