Mortgage Industry News

The attorneys at Black | Mann & Graham publish residential mortgage industry specific news and changes in state and federal law to educate our community of attorneys, lenders, and customers. Join our newsletter at the bottom of the page to be notified when a new article is published.

2017 Legislative Update III from 85th Regular Session of the Texas Legislature

Published on Wednesday, July 26, 2017 in Client and Friends Memo, Texas Legislation

This legislative update summarizes bills from the 2017 Legislative Session that we consider of interest to our clients, listed in order of importance and not when effective. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, and Legislative Update II, summarizing three bills that substantially affect durable powers of attorney. Legislative Updates I and II are found on the Articles page of the firm’s website www.bmandg.com.  

1. PRELICENSING EDUCATION REQUIREMENTS FOR RESIDENTIAL MORTGAGE LOAN ORIGINATORS (HB 3342)

Effective January 1, 2018, HB 3342 amends current law relating to the prelicensing education requirements for residential mortgage loan originators by amending Section 180.056(h), Finance Code, to change the period during which an individual fails to maintain a residential mortgage loan originator license that triggers the requirement that the individual retake the prelicensing education requirements prescribed by the S.A.F.E. Mortgage Licensing Act from “at least five consecutive years” to “the period established by rule of the rulemaking authority.” 

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