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.

Texas Company Mortgage License Applications Ready

Are you a licensed mortgage broker in the state of Texas? Does the compensation that you make on a loan go to your corporation or LLC? If so, you now need to get your mortgage corporation or LLC licensed. The applications just posted last week at: http://www.sml.state.tx.us/mortgage.html. If you're in need of assistance to file this application, please contact us at Integrity Mortgage Licensing. We will assist you with every step required to make sure you meet the 12/31/2007 deadline. After this date, if your mortgage company is not licensed, the lenders will have to pay the individual mortgage broker.