Tag Archive: "Texas"
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Texas Updates Regulations Regarding Mortgage Loan Companies and Plain Language Contract Provisions
By Laura Eckstein, JD Mortgage Loan Companies Duties and ResponsibilitiesEffective November 5, 2015, the Texas Department of Savings and Mortgage Lending adopted provisions regarding the duties and responsibilities of mortgage loan companies, mortgage bankers, and residential mortgage loan originators. Loan Status FormsAs amended, 7 TAC §80.201(a) requires that written confirmation of a conditional qualification must […]
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Texas Adopts Provisions Regarding Basic Manual for the Writing of Title Insurance
By Matthew Dailey, J.D.July 27, 2015 The Texas Department of Insurance adopted amendments to the Basic Manual of Rules, Rates and Forms for the Writing of the Title Insurance in the State of Texas. The amendments create an addendum to the Closing Disclosure form under Regulation Z. These provisions are effective on August 1, 2015.28 […]
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Texas Amends Provisions Regarding Licensing Exemptions
By Matthew Dailey, J.D.The state of Texas amended its provisions relating to exemptions from the applicability of the state Secure and Fair Enforcement for Mortgage Licensing Act of 2009. These provisions are effective on September 1, 2015.IRS Designated 501(c)(3) EntitiesSenate Bill 1203 was enacted by the legislature to deal with Section 156.202 of the Finance […]
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Texas Adopts Provisions Regarding Loan Status Forms
by: Matthew Dailey The Texas Department of Savings and Mortgage Lending adopted provisions regarding loan status forms. These provisions are effective on May 1, 2014. When conditional qualification is given to a mortgage applicant by an originator, the form must resemble Form A under 7 TAC s.80.201(a). Most importantly, written confirmation is needed from the […]
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Texas Amends Application Procedures and Adopts Consumer Loan Rules
by: Matthew DaileyThe Finance Commission of Texas adopted amendments to 7 TAC §§2.101 – 2.105 and new §2.201 and §2.202, concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (OCCC) under the Secure and Fair Enforcement for Mortgage Licensing Act. Also, the commission has adopted §83.606, regarding Maximum Term […]
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Texas Amends Statutes Regarding Loan Officers and Licensing Fees
by: Matthew DaileyThe state of Texas recently adopted changes under the Texas Finance Code which grants rulemaking authority to the Finance Commission of Texas. The amendments concern mortgage loan originators and bankers and the licensing regulations that affect them. These amendments are effective as of September 15, 2013. 7TAC§§80.100, 80.103, 81.100, 81.103 – Licensing Any person […]
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Texas Supreme Court Issues Decision Clarifying Home Equity Lending
by: Nicole LegereThe Texas Supreme Court issued an opinion on June 21, 2013 which addresses three different issues raised in regard to home equity loans. Under Article XVI Section 50 of the Texas State Constitution, a forced sale, in order to repay a home equity loan, is allowed only if the loan meets certain requirements. […]
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Amendments to Various Texas State Regulations
by: Nicole LegereThe state of Texas has recently made a number of amendments to state regulations ranging from those involving judicial foreclosure proceedings to spousal maintenance agreements. All of these amendments will become effective on September 1, 2013. Expedited Judicial Proceedings Texas amended its Civil Practice and Remedies Code by adding Section 154.028 which allows […]
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Texas Regulatory Round-Up
by: Margaret Wright, Esq. Proposed Updates for Reverse Mortgages The Texas Legislature has recently proposed an amendment to the Texas Constitution which will allow a reverse mortgage to be utilized for the purchase of homestead property that the borrower will occupy as a principal residence. Previously, reverse mortgages could not be used for purchase […]