And Now Without Further Delay - The Search Continues
Texas Financial Depository - Inset #04 I am transferring from one sponsoring broker to a new one. What do I need to do? Please ask your old broker to send in your original Loan Officer 's license along with a letter signed by your old broker stating that he-she will no longer be sponsoring you. Download and complete the following two forms from the TSML website at http:www.sml.state.tx.us- mortgage.html: 1) Loan Officer Change Form and 2) Loan Officer Sponsor Certification. Complete the forms following the instructions provided and send them in to us along with a $25 processing fee to the Texas Savings and Mortgage Lending Department. Upon receipt and processing, TSML will issue your new license to your new sponsoring broker. I am a mortgage broker and a real estate agent wants to come and work for me as a Loan Officer . Can they be a Loan Officer and a real estate agent on the same transaction?
From the Work
I am a real estate Sales person. Am I exempt from the Mortgage Broker License Act? NO.
Monday, November 24, 2008
WhyYou Need To Read This Article on Texas Motorcycle Loans
Austin Private Loans
If you have submitted an application for a new license, a license renewal, or any change affecting a current license, you can click on the Mortgage Broker - Loan Officer Search - Status Page to see if the action has been entered and the current status of your application. The department is working to improve the search page to provide you as much information as possible but we recognize that much improvement is still needed. If you have a new or renewal application pending and have NOT received a fax or email informing you of the items missing from your request, you should contact the division for additional information. #BREAK#
Texas Financial Depository - Inset #02 I am a real estate sales person. Am I exempt from the Mortgage Broker License Act? NO. Real estate brokers and sales persons are NOT EXEMPT from the Act. If you are brokering loans secured by one-to-four family residential real estate, you must apply for and establish that you meet all of the multiple criteria for a mortgage broker license. A real estate broker's license qualifies for one of the criteria; the experience requirement. A real estate sales license does not meet the experience requirement for a mortgage broker license under the statute. Furthermore, if you are not currently licensed as an active real estate broker in Texas (e.g., you are licensed in another state or, although licensed in Texas your license has lapsed), you would not meet the experience requirements for a mortgage broker license.
Quoted from the Texas Motorcycle Loans Piece
0006-1 The law does not preclude a person from serving As a mortgage broker or loan officer and a real estate agent on the same Transaction. However, the Mortgage Broker License Act requires that the mortgage Broker or Loan Officer provide a written disclosure to the client, in advance And obtain the client's written consent. A form for making this disclosure can Be found and downloaded from this web site.
If you have submitted an application for a new license, a license renewal, or any change affecting a current license, you can click on the Mortgage Broker - Loan Officer Search - Status Page to see if the action has been entered and the current status of your application. The department is working to improve the search page to provide you as much information as possible but we recognize that much improvement is still needed. If you have a new or renewal application pending and have NOT received a fax or email informing you of the items missing from your request, you should contact the division for additional information. #BREAK#
Texas Financial Depository - Inset #02 I am a real estate sales person. Am I exempt from the Mortgage Broker License Act? NO. Real estate brokers and sales persons are NOT EXEMPT from the Act. If you are brokering loans secured by one-to-four family residential real estate, you must apply for and establish that you meet all of the multiple criteria for a mortgage broker license. A real estate broker's license qualifies for one of the criteria; the experience requirement. A real estate sales license does not meet the experience requirement for a mortgage broker license under the statute. Furthermore, if you are not currently licensed as an active real estate broker in Texas (e.g., you are licensed in another state or, although licensed in Texas your license has lapsed), you would not meet the experience requirements for a mortgage broker license.
Quoted from the Texas Motorcycle Loans Piece
0006-1 The law does not preclude a person from serving As a mortgage broker or loan officer and a real estate agent on the same Transaction. However, the Mortgage Broker License Act requires that the mortgage Broker or Loan Officer provide a written disclosure to the client, in advance And obtain the client's written consent. A form for making this disclosure can Be found and downloaded from this web site.
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