Texas repealed and readopted rules governing mortgage lenders, brokers, loan originators and servicers licensed or registered under the Residential Mortgage Loan Company Licensing and Registration Act, the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, the Texas Secure and Fair Enforcement for Mortgage Licensing Act and the Residential Mortgage Loan Servicer Act. Per the rule adoption, Chapter 80 (pertaining to mortgage companies) was repealed and readopted in Chapter 56, Chapter 81 (pertaining to mortgage bankers) was repealed and readopted in Chapter 57 and Chapter 79 (pertaining to mortgage servicers) was repealed and readopted in Chapter 58. In addition, a new chapter (Chapter 55) was adopted pertaining to mortgage loan originators. The readopted rules make changes to modernize and update the rules, including: adding and replacing language for clarity and to improve readability; removing unnecessary or duplicative provisions; and updating terminology. The adopted rules went into effect November 23, 2024.
Click to view the Texas Proposed Rules | September 6, 2024 | 49 TexReg 6867: https://www.tenaco.com/wp-content/uploads/2024/11/TX-RA.pdf
