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Texas Mortgage Broker License: Step-by-Step Guide

In Texas, entities engaged in the residential mortgage loan business need to be registered with the state. The registrations are regulated and issued by the Texas Department of Savings and Mortgage Lending.

The application process for companies and individuals is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows entities and loan originators to apply or renew a license or registration online.

Types of Mortgage Licenses in Texas

Texas has three major state license types: Company, Branch, and Individual. Each license type depends on the work you wish to perform.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Financial Services Company Registration - allows companies to perform the services of a residential mortgage loan company. Note that the services need to be conducted by individuals who are exclusive agents of the registrant (the financial services company).
  • Residential Mortgage Loan Servicer Registration - allows entities to make payments of principal and interest (to loan owners or other third parties) and receive scheduled payments from borrowers (under the terms of residential mortgage loans).

Texas State Requirements

All license applications are to be submitted online in NMLS. Please note that some agency-specific documentation, such as the surety bond, needs to be faxed or sent directly to the Department. You may mail your documents to Texas Department of Savings and Mortgage Lending, Division of Licensing, 2601 N. Lamar, Suite 201, Austin, TX 78705. For fax delivery, please use Division of Licensing (512) 475-1360.

For additional assistance with the license requirements, please contact the Division of Licensing at (512) 475-1350, (877) 276-5550 or [email protected].

For NMLS-related questions and information, you may contact NMLS call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all license/registration types in Texas. You don’t need to complete an education course or pass an examination in order to get a Financial Services Company or Residential Mortgage Loan Servicer registration.

TX Mortgage Broker Bonds

Bonds for Company Licenses

  • Financial Services Company Registration - All registration applicants are required to furnish an original surety bond. The amount of the bond for this registration is $1,000,000.
  • Residential Mortgage Loan Servicer Registration - Applicants must provide an original Residential Mortgage Loan Servicer surety bond. The bond amount depends on the applicant’s servicing volume.
    • $25,000 surety bond if the servicing volume does not exceed $25,000,000.
    • $50,000 surety bond if the servicing volume is over $25,000,000.

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Licensing Fees

Fees for Company Licenses

All fees submitted through NMLS are non-refundable.

  • Financial Services Company Registration
    • $100 NMLS processing fee.

      Note: The registration fee is based on the number of exclusive agents enrolled for a license. The amount will be reviewed by SML quarterly, and additional fees may be require d if the initial projections have been exceeded.

    • $200,000 registration fee, or $150 multiplied by the number of agents, for fewer than 2,000 exclusive agents.
    • $225,000 registration fee for 2,001 - 2,500 exclusive agents.
    • $250,000 registration fee for 2,501 - 3,000 exclusive agents.
    • $300,000 registration fee for 3,001 - 5,000 exclusive agents.
    • $350,000 registration fee if the number of exclusive agents is over 5,001.
  • Residential Mortgage Loan Servicer Registration
    • $600 license costs.
    • $100 NMLS processing fee.

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