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ARTICLE · 18 JANUARY 2021

Texas Amends Regulations For Mortgage Licensee Requirements

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With respect to mortgage loan companies, the amendments made similar changes to certain disclosure requirements, such as extending the requirement to cover social media websites.

United StatesFinance and Banking
Aileen Ng
Aileen Ng
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Texas Amends Regulations for Mortgage Licensee Requirements

The Texas Finance Commission, on behalf of the Department of Savings and Mortgage Lending, recently adopted amendments to regulations relating to mortgage bankers and residential mortgage loan originators (MLOs), mortgage loan companies, and mortgage loan servicers.

With respect to mortgage bankers and MLOs, the amendments made changes to: (1) certain disclosure and advertising requirements, such as expanding the scope to cover disclosures on social media websites; (2) duties and responsibilities imposed on mortgage bankers and MLOs; (3) books and recordkeeping requirements; and (4) certain definitional terms, including new definitions for the following phrases:

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