2025 Texas Statutes
Finance Code
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators
Subchapter A. General Provisions
Section 157.002. Definitions
Sec. 157.002. DEFINITIONS. In this chapter:
(1) "Commissioner" means the savings and mortgage lending commissioner.
(2) "Disciplinary action" means any order by the commissioner that requires one or more of the following:
(A) suspension or revocation of a residential mortgage loan originator license under this chapter;
(B) probation of a suspension or revocation of a residential mortgage loan originator license under this chapter on terms and conditions that the commissioner determines appropriate;
(C) a reprimand of a person with a residential mortgage loan originator license under this chapter; or
(D) an administrative penalty imposed on a person holding a residential mortgage loan originator license under this chapter.
(3) "Finance commission" means the Finance Commission of Texas.
(3-a) "Inspection" includes examination.
(4) "Mortgage banker" means a person who:
(A) accepts an application for a residential mortgage loan, makes a residential mortgage loan, or services residential mortgage loans; and
(B) is an approved or authorized:
(i) mortgagee with direct endorsement underwriting authority granted by the United States Department of Housing and Urban Development;
(ii) seller or servicer of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; or
(iii) issuer for the Government National Mortgage Association.
(4-a) "Nationwide Mortgage Licensing System and Registry" has the meaning assigned by Section 180.002.
(4-b) "Recovery fund" means the fund established and maintained by the commissioner under Subchapter F, Chapter 156, and Section 13.016.
(5) "Residential mortgage loan" has the meaning assigned by Section 180.002.
(5-a) "Residential mortgage loan company" has the meaning assigned by Section 156.002.
(6) "Residential mortgage loan originator" has the meaning assigned by Section 180.002.
Added by Acts 2003, 78th Leg., ch. 1301, Sec. 1, eff. Jan. 1, 2004.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.053, eff. September 1, 2007.
Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 2, eff. April 1, 2010.
Acts 2011, 82nd Leg., R.S., Ch. 588 (S.B. 17), Sec. 2, eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 45, eff. September 1, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 48, eff. September 1, 2013.
