Reality Check for Brokers, Bankers and anyone Originating in Texas

Don't be fooled into thinking that licensing for mortgage banking "might or might not" happen.

President Bush signed the law July, 2008, and Doug Foster, TDSML Commissioner, posted a notice about it the same month. Since then there have been numerous postings and updates on the TDSML website;

http://www.sml.state.tx.us/tdsml_important_information.html#safe_nmlsr

Here is a summary of the timeline for the postings and note that those loan originators that don't have a mortgage broker or loan officer's license will have to comply in April or May, 2010:

April 1 - May 31, 2010 All Mortgage Banker Companies; Financial Services Companies; Credit Union Subsidiary Organizations; State Agencies and Non-profits Engaged in Residential Mortgage Loan Origination; Contracted Processors and Underwriters; and Contracted Residential Mortgage Loan Originators Working for Commercial Banks Submit Licensing/Registration Application (MU1/MU2/MU3) on the NMLSR

All Residential Mortgage Loan Originators (RMLOs) Employed or Contracted by Mortgage Banker Companies; Financial Services Companies; Credit Union Subsidiary Organizations; and State Agencies and Non-profits Engaged in Residential Mortgage Loan Origination; and Independently Contracted Processors and Underwriters and Residential Mortgage Loan Originators Working for Commercial Banks Submit Licensing Application (MU4) on the NMLSR

July 1 – August 31, 2010 All Currently Licensed Mortgage Broker Entities Submit Application (MU1/MU2/MU3) on the NMLSR.

All Currently Licensed Individual Mortgage Brokers and Loan Officers Submit Application (MU4) on the NMLSR

The complete posting for this timeline is available at:

http://www.sml.state.tx.us/publications/important_information/NMLSR_Transition_Timeline_6_24_2009.pdf

Ask good questions and get REAL answers so you can make good decisions about for you and your family. Those of you who haven't got on the bus and started your CE credits are behind and have alotof classroom time ahead of you. To get up to speed you can hit up Marie Murry with Apex Training Group and get in her licensing CE classes. I have almost all of my training done so I am doing good.