WHO?

WHAT?

WHERE?

WHY?

WHEN?

HOW?

Bond

NetWorth

3 yrs experience

Finger Prints

Loan Officers

Fees

In-State Office

Application

Netbranch

FOR OTHER STATES CLICK

DATELINE: If you wish to originate 1st mortgage loans in Texas, you must get a Mortgage Brokers License through the Texas Savings and Loan Department. There are no exemptions or grandfathering for mortgage brokers and mortgage lenders unless you are a wholesale lender or a mortgage banker with a HUD Approval as a Non-Supervised Mortgagee with Direct Endorsement Underwriting Authority. If you wish assistance or have questions, CALL HERB THOMAS AT 214-692-7611 Also, see the Best of Texas Home Equity Hot Links

Purchase Order /Procedure

Costs: Our Processing Fee: $1000 for One Mortgage Broker License [also includes up to Two Loan Officer Licenses] Mortgage Brokers License: TSLD: $255 filing fee Loan Officer License: TSLD: $125 filing fee ORDER A TEXAS MORTGAGE BROKER LICENSE TODAYInstructions For Ordering A Texas Mortgage Broker/ Loan Officer License: 1. Click here and go to the Purchase Order Page and Print out a copy of the Purchase Order Page 2. Fill in information requested and Select Type of License and License Processing Fee on Purchase Order (please type) 3. Sign and Date the Purchase Order 4. Mail the completed, signed, dated Purchase Order with a Check for the License Processing Fee made payable to "Thomas Law Firm, P.C." to the following address: Thomas Law Firm, P.C., Attn: Herb Thomas, 8080 N. Central Expressway, Suite 890, Dallas, TX 75206 5. Upon receipt of the Purchase Order and Check, you will be immediately called to confirm our receipt and obtain additional necessary informaation and documents. You will also receive an Email Confirmation and Order Number for tracking purposes. You will be assigned an Internet Lock Box Number so that you can track your progress 24 hours a days. Thank you. Also feel free to E-Mail us if you have a question regarding the meaning of the new Texas Mortgage Brokers License Act. Best of Texas Home Equity Hot Links FOR OTHER STATES CLICK

WHO? has to get a mortgage broker license? a person who receives an application from a prospective borrower for the purposes of making a mortgage loan from that person's own funds or from the funds of another person. The definition appears to include lenders as well as brokers. HUD approved non-supervised D.E. lenders are exempt from licensing.

WHAT? a Texas mortgage broker license SEE GENERAL QUESTIONS AS FORMULATED AND PUBLISHED BY TEXAS SAVINGS AND LOAN COMMISSION

WHERE? application must be made through the TX Savings and Loan Department located in Austin, Texas

WHY? the Texas legislature decided that licensing of mortgage brokers and lenders is necessary to protect consumers.

WHEN? the law became effective 9/1/99 and the mortgage brokers and lenders must be licensed after 1/1/2000

HOW? obtain an application from the Savings and Loan Commission, submit completed application, process through Savings and Loan Department. If you need assistance or wish to delegate this project, hire Thomas Law Firm for a low, flat, budgetable price.

Bond/NetWorth A mortgage broker must maintain net assets of at least $25,000 or a surety bond in the amount of at least $50,000. The term of the surety bond must coincide with the term of the license."net assets" means the difference between total assets and total liabilities, as determined by generally acceptable accounting principles.YOU CAN PURCHASE A $50,000 SURETY BOND FOR $313 FROM MORTGAGEBONDNET.COM

3 yrs experiencethe person has three years of experience in the mortgage lending field as evidenced by documentary proof of full-time employment as a loan officer with a mortgage broker or a person exempt under Section 156.202;

Finger PrintsOn receipt of an application for a mortgage broker license or a loan officer license, the commissioner shall conduct a criminal background check of the applicant. The commissioner shall obtain criminal history record information on an applicant that is maintained by the Department of Public Safety. By rule, the commissioner may require applicants to submit information and fingerprints necessary for the commissioner to obtain criminal background information from the Federal Bureau of Investigation. The commissioner may also obtain criminal history record information from any court or any local, state, or national governmental agency.

Loan Officers An individual may not act or attempt to act as a loan officer unless the individual at the time is: (1) licensed under this chapter; (2) sponsored by a licensed mortgage broker and acting for the mortgage broker; or (3) exempt under Section 156.202.

Filing FeesThe application fee for brokers is $255 and for loan officers is $125, which includes a $20 fee to be deposited in the mortgage broker recovery fund. Broker FeesBefore the completion of all services to be performed, a mortgage broker may charge and receive, unless prohibited by law, the following fees for services in assisting a mortgage applicant to obtain a mortgage: (1) a fee to obtain a credit report; (2) a fee for the appraisal of the real estate; (3) a fee for processing a mortgage application; (4) a fee for taking a mortgage application; (5) a fee for automated underwriting; (6) a fee for a courier service; (7) a fee to issue a loan commitment; or (8) subject to Subsection (b), a fee for locking in an interest rate. (b) A mortgage broker or loan officer may not charge or receive a fee for locking in an interest rate unless there is a written agreement signed by the mortgage applicant and mortgage broker that contains a statement of whether the fee to lock in the interest rate is refundable and, if so, the terms and conditions necessary to obtain the refund.

In-State OfficeEach mortgage broker licensed under this chapter shall maintain a physical office in this state. The address of the office shall be designated on the license certificate.

ApplicationThe Texas Savings and Loan Department have application forms available. They are posted on its website http://www.tsld.state.tx.us/ and are available by mail upon written request. They accept requests for application forms and finger print cards in writing by e-mail, regular mail or facsimile. e-mail TSLD@mail.capnet.state.tx.us, telephone 512-475-1350, facsimile 512-475-1360 or you may write to 2601 North Lamar, Suite 201, Austin, Texas 78705

Netbranch NETBRANCHING MAY SOLVE YOUR EXPERIENCE PROBLEM: If you are concerned that you may not meet the experience requirement of (1) bachelor's degree in an area relating to finance, banking, or business administration from an accredited college or university and has 18 months of experience in the mortgage or lending field or (2) three years of experience of full-time employment as a loan officer with a mortgage broker, you may wish to consider being a Texas office for an out-of-state broker who needs to meet the TEXAS PHYSICAL OFFICE REQUIREMENT. You can be the solution to an out-of-state lender or broker's need for a Texas physical office. If you wish to be a Netbranching Candidate for Texas, go to PHYSICAL OFFICE SOLUTIONS join the list so I can direct lenders and brokers your way.

214.692.7611 (VOICE) OR 692-7613 (FAX)


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