Texas has two regulating agencies that oversee the mortgage industry. They are the Texas Department of Savings and Mortgage Lending
(TDSML), and the Office of the Consumer Credit
Commissioner (OCCC). Both are located in Austin..
All Texas mortgage licenses, regardless of their regulating body are handled through
the National Mortgage Licensing
System. Prelicensing requirements include approved courses that are 20 or more
hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional
Mortgage Lending plus 12 or more hours of electives. This may be in addition to
Texas-rA review of the requirements for a mortgage license in equired content. A minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act.
Texas Department of Savings and Mortgage Lending
The licensing fee for NMLS for Loan
Originators under the SML is $479. The licensing fee for a Mortgage
Company License under the SML is $275. Click on the links in the preceding sentences
for more details about each license.
Mortgage Company 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. A $50,000 Surety Bond is
Office of the Consumer Credit Commissioner
The licensing fee for NMLS for a Mortgage
under the OCCC is $325. Click on the link in the preceding
sentence for more details about this license.
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
(TAMB), is an affiliate of the National
Association of Mortgage Brokers
(NAMB). 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.
Texas Mortgage Forms
Texas Reciprocity States
(as of 2/23/2010)
Texas Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the TDSML or OCCC
websites for the latest list of approved schools.