Monday, June 27, 2011
Texas Mortgage Servicer License/Registration now required
On June 17, Texas Governor Rick Perry signed into law S.B. 17, the Residential Mortgage Loan Servicer Registration Act, which requires all residential mortgage loan servicers in Texas to register with the Commissioner of the Texas Department of Savings and Mortgage Lending (Commissioner). The Mortgage Servicer Registration is required for companies acting purely in a servicing capacity, such as sub-servicers, as well as mortgage bankers acting as residential mortgage loan servicers, i.e. servicing their own portfolios. As of the date of this article, the application for the Mortgage Servicer Registration has not been released by Texas yet. For a copy of S.B. 17, please see http://www.legis.state.tx.us/tlodocs/82R/billtext/pdf/SB00017F.pdf#navpanes=0.