STATE LEGISLATION
HB 10 is the revision of the Mortgage Broker Licensing bill designed to bring the Texas mortgage industry into compliance with the Federal SAFE Act passed last year. This would change licensing renewal to annual instead of bi-annual, require the broker to be registered with the National Mortgage Licensing System (NMLS), remove the $25,000 net financial asset requirement with the participation in a recovery fund, add “financial responsibility” evaluation, and defines a “non-traditional” mortgage as any loan other that a 30 year fixed rate loan.
HB 2274 is the companion bill that amends the Finance Code to authorize the TSML Commissioner to participate in the NMLS and update the Mortgage Broker Licensing Act to accommodate the requirements of the SAFE Act.
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