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Final Rule Requiring Registration of Mortgage Loan Originators to Implement the SAFE Act – July 28, 2010 issue of the Federal Register

This memorandum is to advise you that in the above issue of the Federal Register (75 FR 44656) the following named federal agencies – Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), Farm Credit Administration (FCA), and National Credit Union Administration (NCUA) – each adopted a parallel final rule (collectively the “Final Rule”) to implement the federal SAFE Act.

Office of Consumer Credit Commissioner Residential Mortgage

Effective May 6, 2010, the Finance Commission of Texas (Finance Commission) adopts new Chapter 2 to Title 7 of the Texas Administrative Code (7 TAC Chapter 2, ยงยง2.101 – 2.105). The purpose of new Chapter 2 is to provide for certain application procedures and fees for those individuals applying for or renewing their licenses as a residential mortgage loan originator (RMLO) with the Office of Consumer Credit Commissioner (OCCC), as required by Chapter 180 of the Texas Finance Code enacted by the 2009 session of the Texas Legislature in House Bill 10 (i.e., Texas SAFE Act). For a detailed summary of the Texas SAFE Act, see our November 13, 2009 memorandum posted on our website under “Our Clients and Friends” web page.

Mortgage Banker Registration and Loan Officer Licensing

Effective January 7, 2010, the Finance Commission of Texas amended the Mortgage Banker Rules (Rules) contained in the Texas Administrative Code, 7 TAC Chapter 81. Sections 81.1 and 81.2 of the Rules are amended and new Rules 81.3 through 81.19 are added. The text of these amended and new rules are attached to this memorandum. The amended and new Rules were adopted by the Finance Commssion to implement the provisions of House Bills 10, 963 and 2779 passed by the 81st Texas Legislature (see our November 13, 2009 memorandum on House Bills 10 and 2779) and to assist the Texas Department of Savings and Mortgage Lending (TDSML) in preparing to participate in the National Mortgage License System Registry. House Bills 10 and 2779 make substantial modifications to Chapter 157 of the Finance Code (Mortgage Banker Registration and Residential Mortgage Loan Originator License Act) relating to the registration and regulation of mortgage bankers and residential mortgage loan originators. These amended and new Rules substantially mirror the current Mortgage Broker and Loan Officer Licensing rules in the Texas Administrative Code, 7 TAC Chapter 80, (see our November 13, 2009 memorandum). The amended and new Rules relate to the following sections of Chapter 157 of the Finance Code: Sections 157.001, 157.002, 157.007, 157.008, 157.012, 157.015, 157.016, 157.020, and 157.021.

SAFE Act – Regulation of Texas Residential Mortgage Loan Originators

This is the second legislative update from the 81st Regular Session of the Texas Legislature, 2009, prepared by this firm and summarizes House Bills 10, 2774, and 2779 that provide for the regulation of Texas residential mortgage loan originators in order to comply with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) enacted by Congress on July 30, 2008.

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