Texas adopted rules amending recordkeeping requirements under the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, and the Residential Mortgage Loan Company Licensing and Registration Act. Under the adopted rules, a mortgage banker or company must retain records that are accurate, complete, current, legible, and readily accessible and sortable. The records may be maintained by using a physical, electronic, and/or digitally-imaged recordkeeping system. The adopted rules also require records to be stored at the main office of the mortgage banker or company, or the location designated in the mortgage banker or company’s MU1 filing under “Books and Records Information” in the NMLS. In addition, the adopted rules added several records a mortgage banker or company must retain. The adopted rules went into effect May 14, 2022.
Click to view the Texas RA 41931 and 41933: https://www.tenaco.com/wp-content/uploads/2022/05/TX-RA-41931-and-TX-RA-41933-05-06-21.pdf
