DFWAMB Mortgage Broker Position Statement

STATE LEGISLATION
HB 692 Paxton
A bill that will give Texas Savings and Mortgage Lending Department the authority to oversee all licensing of mortgage brokers. DFWAMB initiated sponsorship and supports passage of this bill.

HB 716 Solomons
A bill making a person who makes an intentional or knowingly materially false or misleading written statement to obtain property for credit could be imprisoned or fined or both. DFWAMB is in favor. Passed from Committee.

HB 1716 Solomons
Special exception for Insurance Agents to have specific requirements for licensing under Savings and Mortgage Lending. DFWAMB in favor. Passed from Committee.

HB 2783 Solomons
A bill that changes the current Mortgage Broker Act to allow licensing of the corporation along with the individual broker. DFWAMB believes the value of this is an arguable subject. DFWAMB has reservations on portions of this bill.

HB 3762 Chavez
A bill that sets a suitability of the borrower to undertake a mortgage. The burden of responsibility places an unreasonable burden on the lender and the originator. DFWAMB opposes this legislation.

HB 3798 Vaught
A bill that would prohibit sellers of residential homes from making a benefit contingent on use of a specific mortgage lender. Just as RESPA prohibits the seller from specifying the title company from which the seller would benefit. DFWAMB is very much in favor of this much needed legislation.

HJR 72 Solomons
A bill that would continue to allow the twelve day waiting period on Home Equity loans to commence with the signed written disclosure by the borrower to the lender. Oral initiation of the twelve day waiting period is prohibited. DFWAMB is in favor.