Exempts certain individuals and institutions from residential mortgage loan originator licensing requirements in Texas.
This bill amends the Finance Code to exempt certain individuals and institutions from residential mortgage loan originator licensing requirements. Specifically, it exempts registered mortgage loan originators acting for depository institutions or their subsidiaries, individuals offering or negotiating mortgage loans for their own residences, and those making no more than three residential mortgage loans in a 12-month period. It also exempts licensed attorneys negotiating mortgage terms for clients as an ancillary matter, unless they offer or negotiate terms for immediate family members.
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