Amends TCA Title 45, Chapter 13.
Under present law, a mortgage loan originator license is not considered active unless the licensee has also been sponsored by a licensed mortgage lender or mortgage loan broker or by a registrant under the Industrial Loan and Thrift Companies Act. Present law requires a sponsoring mortgage lender or mortgage loan broker to ensure that each application for a residential mortgage loan contains the name and license number of the mortgage lender or mortgage loan broker, as well as the name, signature, and license number of the mortgage loan originator who provided origination services with respect to the loan. The mortgage lender or mortgage loan broker is also required to ensure that its records pertaining to the residential mortgage loan contain the unique identifier, if different from the license number, of each mortgage loan originator that provided services with respect to the loan. This bill revises the information that a sponsoring mortgage lender or mortgage loan broker must ensure that each application for a residential mortgage loan contains to be: (1) The name and unique identifier of the mortgage lender or mortgage loan broker, as well as the name, signature, and the unique identifier of the mortgage loan originator who provided origination services with respect to the loan; and (2) Its records pertaining to the residential mortgage loan contain the unique identifier of each mortgage loan originator that provided services with respect to the loan.
Under present law, a mortgage loan originator license is not considered active unless the licensee has also been sponsored by a licensed mortgage lender or mortgage loan broker or by a registrant under the Industrial Loan and Thrift Companies Act. Present law requires a sponsoring mortgage lender or mortgage loan broker to ensure that each application for a residential mortgage loan contains the name and license number of the mortgage lender or mortgage loan broker, as well as the name, signature, and license number of the mortgage loan originator who provided origination services with respect to the loan. The mortgage lender or mortgage loan broker is also required to ensure that its records pertaining to the residential mortgage loan contain the unique identifier, if different from the license number, of each mortgage loan originator that provided services with respect to the loan. This bill revises the information that a sponsoring mortgage lender or mortgage loan broker must ensure that each application for a residential mortgage loan contains to be: (1) The name and unique identifier of the mortgage lender or mortgage loan broker, as well as the name, signature, and the unique identifier of the mortgage loan originator who provided origination services with respect to the loan; and (2) Its records pertaining to the residential mortgage loan contain the unique identifier of each mortgage loan originator that provided services with respect to the loan.
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