 Texas Legislature requires that all applicants for a mortgage broker or loan officer license provide the commissioner of the Texas Savings and Loan Department with satisfactory evidence of having passed an examination, offered by a testing service or company approved by the finance commission, that demonstrates knowledge of the mortgage industry and the role and responsibilities of a mortgage broker.
*Everyone who requests a NEW license on or after September 1, 2003, will be required to take the test, NO EXCEPTIONS.
A loan officer who requests conversion to a mortgage broker will also be required to pass the test, as well as, any previously licensed mortgage broker or loan officer who has allowed his/her license to expire for more than one year.
Initial education: To be licensed as a mortgage broker the person has received a bachelor’s degree in an area relating to finance, banking, or business administration from an accredited college or university and has 18 months of experience in the mortgage or lending field as evidence by documentary proof of full-time employment as a mortgage broker or loan officer with a mortgage broker or a person exempt (see below).
The person has three years experience in the mortgage lending field as evidence by documentary proof of full-time employment as a loan officer with a mortgage broker or a person exempt (see below).
The person is an active real estate broker, an active attorney, a local recording agent or insurance solicitor or agent for a legal reserve life insurance company.
To be licensed as a loan officer the person has successfully completed 28 hours of core course training and 2 hours of ethics training approved by the commissioner under this section.
The requirements for an Ethics course are:
Must be a minimum of 2 hours in length;
Provided in a classroom setting (no online or correspondence courses will be approved to meet this requirement); and
Upon completion, the certificate approved by the department during the course review must be issued.
In lieu of the 30 hours of education, the loan officer must have at least 18 months of loan origination experience. The person must have documented proof of full-time employment as a loan officer with a mortgage broker or a person exempt (see below).
For application received prior to January 1, 2000, the mortgage broker that will sponsor the applicant provides a certification under oath that the applicant has been provided necessary and appropriate education and training regarding all applicable state and federal law and regulations relating to mortgage loans.
EXEMPTIONS: The following entities or employees of any of the following entities provided the employee is acting for the benefit of the employer:
A bank, savings bank, or savings and loan association, or subsidiary or an affiliate of a bank, savings bank, or savings and loan association
A state or federal credit union
A mortgage banker
Renewal: Mortgage Broker License Act requires that brokers and loan officers must take 15 hours of continuing education during the term of his or her current license period, (every two years). The Mortgage Broker License Act further requires that at least eight (8) of the fifteen (15) hours relate to residential mortgage lending.
Courses which relate to residential mortgage lending and satisfy the eight (8) hour requirement are those courses covering the following subject matter provided that the courses meet the other requirements of the Department’s rules:
a)
courses related to ethics in origination of residential mortgage loans
b)
courses relating to the state and federal laws governing residential mortgage lending including the Mortgage Broker License Act and the Department’s rules, the Real Estate Settlement Procedures Act, the Truth In Lending, the Equal Credit Opportunity Act, the Texas Constitution, statutes, and the official interpretations relating to home equity loans and
c) courses relating to predatory lending and deceptive trade practices in the residential mortgage lending.
8 hours of Core (including 2 hours of Ethics)
The remaining seven (7) hours may be satisfied by taking courses which cover any of the following subjects provided that the courses meet the other requirements of the Department’s rules, courses that are related to finance, financial consulting, lending, real estate contracts, discrimination laws, to real property conveyances.
7 hours of either CE or Core
Renewal date: Renewed every two-years on or before the expiration of the date of issuance
 Principles of Mortgage Finance
(L) [15 hours] (C/V) [15 hours] CE only
Understanding FHA Loans
(L) [12 hours] (C/V) [14 hours] CE only
Understanding VA Loans
(L) [6 hours] (C/V) [6 hours] CE only
Procedures For Closing and Shipping FHA & VA Loans
(L) [14 hours] CE only
Qualifying the Self-Employed Borrower
(L) [14 hours] (C/V) [5 hours] CE only
Federal Regulations and Compliance
(L) [6 hours] (C/V) [6 hours] Core or CE
FOR MORE INFORMATION:
Call (800) 229-8556 with any questions regarding Continuing Education.
Email: customerservice@capinst.com
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