On 06/19/2009, Texas has enacted HB 2774. This eliminates the $25,000 net worth and $50,000 license bond requirement for mortgage brokers. This law requires that the financial requirements for holding a mortgage loan officer or mortgage broker’s license must be met through participation in the mortgage broker recovery fund; under Texas law in section 156.01 of the financial code, this already exists. The new law amends the recovery fund provisions. This change limits payments out of the fund to 25,000 aggregate for all claims arising from the same transaction, and to $50,000 as to all claims against a licensee. From now on this will not allow recovery of attorneys’ fees and court costs. Also, payments from the recovery fund will be reduced by any recovery from the surety or insurer. The banking regulators can use these funds to cover any costs of safely managing old mortgage loan documents and any financial responsibilities of administering the fund.
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Texas Mortgage Broker License Bond
August 4, 2009 by Lisa GrimsleyCategory: Commercial Bonds, Mortgage Broker Bonds, Surety NewsTags: bond requirements, legislation, license & permit bond, license bond, mortgage broker, surety bond, texas, tx | Comments (0)
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Texas Loan Originator Bond
August 3, 2009 by Lisa GrimsleyAs of 06/19/2009, Texas enacted HB 2779 which applies to mortgage originators that are employees of licensed mortgage bankers. The mortgage originators employed by mortgage bankers are defined as those entities that accept applications or make residential mortgage loans and that are approved as: 1) a mortgage with direct endorsement underwriting authority from the U.S. Department of Housing and Urban Development; 2) a seller/servicer of the Federal National Mortgage Association for the Federal Home Loan Mortgage Corporation, or 3) an issuer for the Government National Mortgage Association Lenders. HB 2779 now requires mortgage originators to be licensed and to comply with Chapter 180 requirements of the Finance Code. This new section, Chapter 180, is new to the Code enacted under HB 10; which requires mortgage loan originators that are employed by mortgage bankers pay a fee into a recovery fund or post a surety bond. On April 1, 2010 this law will be active.Category: Commercial Bonds, Mortgage Broker Bonds, Surety NewsTags: bond requirements, legislation, loan originator, surety bond, texas, tx | Comments (0)
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JW_Surety_Bonds Twitter Weekly Updates for 2009-08-02
August 2, 2009 by Michael Weisbrot- Added a tweet button to each page of the main site. See our Surety Bond Education section & retweet it if it helps you! http://bit.ly/3Pc1R #
- Added @IntenseDebate to my blog no problem (www.jwsuretybonds.com/blog), but it won't Tweet on blog comments. Is this a known bug? #
- Commented on Comments Easier Than Ever With Twitter & Facebook / Surety Bond Blog | JW Surety Bonds http://tinyurl.com/laobb8 #
Category: OtherTags: tweets, twitter | Comments (0)
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Texas Mortgage Originator Bond
July 30, 2009 by Lisa GrimsleyAs of 6/19/2009, the state of Texas enacted HB 10. The enactment requires Texas mortgage originators to be fully licensed. In addition the originator must file a surety bond or pay towards a recovery fund. The law applies to all mortgage originators throughout Texas. Texas bank regulators are in charge setting the rules for the surety bond requirements and handling the recovery fund. HB 10 is unlike other surety bond requirements as it includes the sale of motor vehicles listed as a primary residence. In addition, it includes those involved in negotiating, making, or transacting property tax loans for a primary residence. HB 10 also includes creditors registered to originate residential mortgage loans.Due to the current economic climate, many bonding companies that use to freely write mortgage originators have tightened their underwriting guidelines. Some sureties have stopped writing them altogether. This hardening mortgage surety bond market makes a good surety bond agent worth his or her weight in gold. After all, you cannot operate if you cannot meet the state requirements.
Fortunately, our agency is always working on unique bulk programs to ensure you get your state licensing requirements taken care of quickly so you can focus on more important things, namely, your business. Our system even offers free online bond approvals.
Category: Surety NewsTags: bond requirements, legislation, surety bond, texas, tx | Comments (0)
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Comments Easier Than Ever With Twitter & Facebook
July 28, 2009 by Michael WeisbrotWe have always done our best to educate the online world about surety bonding. Our comment system for our blog is now more intuitive, allowing for easier reading and conversing. Users posting a comment will now automatically be emailed when a
reply has been posted. In addition, logged in Twitter and Facebook users can comment in the system using their profile information from either account. We hope these changes help to enrich the experience of our blog guests.
Have suggestions on how we can better your experience? Comment on this blog post and let us know!
Category: OtherTags: comments, facebook, tweets, twitter | Comments (5)
