Section 156.2044 - Qualifications and Requirements for License: Independent Contractor Loan Processor or Underwriter Company(a) To be issued an independent contractor loan processor or underwriter company license under this chapter, an applicant must:(1) submit a completed application together with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;(2) designate control persons for the company through the Nationwide Mortgage Licensing System and Registry;(3) designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual; and(4) not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.(b) An independent contractor loan processor or underwriter company or a sponsored residential mortgage loan originator is not authorized to originate residential mortgage loans with a license issued under Subsection (a).(c) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.Tex. Fin. Code § 156.2044
Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 87, eff. 9/1/2013.Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 24, eff. 9/1/2013.Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 160,Sec. 23, eff. 9/1/2013.Added by Acts 2011, 82nd Leg., R.S., Ch. 655, Sec. 16, eff. 9/1/2011.