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Become A Mortgage Broker In Texas

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Texas or anyone looking to become a mortgage broker in Texas.

The Texas Savings and Loan Department, http://www.tsld.state.tx.us, an agency of the Finance Commission of Texas, regulates the Mortgage Brokers and loan officers doing business within the state. Licensing became effective under the new Mortgage Broker License Act (MBLA) effective January 1, 2000. In Texas a Mortgage Broker is any individual who receives an application from a prospective borrower to attempt to obtain a Mortgage Loan.

Applicants who desire to become a Mortgage Broker in Texas pay a $280 application fee and a $10 fee to the Mortgage Broker Recovery Fund. The applicant also pays $39 for an FBI criminal background history check. All fees are non-refundable and non-transferable.

Applicants pay $42 for and take an approved pre-license test and a copy of the Examination Certificate is submitted with the application. Electronic fingerprints are available at the test site for $17.50.

Applicants must show evidence of either 36 months of previous experience in the real estate mortgage industry, or evidence of 18 months or previous experience in the real estate mortgage industry plus a copy of a bachelor’s degree from an accredited college with a major in a directly related subject, or a copy of an existing Mortgage Broker license to be used in lieu of experience.

Personal Financial Statements need to accompany the application plus a waiver form allowing the department to obtain a current Credit Report. If the statements do not reflect at least a $25,000 net worth, then a $50,000 Surety Bond is required.

All Mortgage Brokers in Texas need to maintain a physical office within the state.

Soliciting loan applications over the Internet presents many logistical differences from conventional solicitation methods. The Department’s position is if a Mortgage Broker solicits Texas consumers over the Internet, then he/she has submitted to the laws of Texas. Therefore, the Mortgage Broker needs to be licensed in Texas and needs to maintain a physical office in Texas.

The Texas Association of Mortgage Brokers (TAMB), www.tamb.org, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. Both organizations provide in-depth training of the real estate industry for those who desire to obtain a Mortgage Broker License in Texas and for those already licensed.

We also offer information and resources for Texas Commercial Mortgage.

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