Texas Finance Commission Revises §155.2 (7 TAC Chapter 155) and Payoff Statement Form for Home Loans

In Client and Friends Memos, Texas Legislation by BMG Memorandum

In the September 11, 2020, issue of the Texas Register (45 TexReg No. 36) the Finance Commission of Texas, on behalf of the Department of Savings and Mortgage Lending, the Office of the Consumer Credit Commissioner, and the Texas Department of Banking, adopted amendments to §155.2 (7 TAC Chapter 155) and the Payoff Statement Form embedded in §155.2 as Figure: …

Will Equitable Subrogation be Prohibited for Uncured Home Equity Loans? Zepeda v. Federal Home Loan Mortgage Corporation, 2019 WL 3820019

In Client and Friends Memos, Texas Home Equity, Texas Legislation by BMG Memorandum

In a decision filed August 15, 2019, the United States Court of Appeals for the Fifth Circuit certified a question to the Supreme Court of Texas, the answer to which may significantly impact a lender’s ability to mitigate its losses on a constitutionally defective home equity loan. The case of Zepeda v. Federal Home Loan Mortgage Corporation, 2019 WL 3820019 …

Mortgage Credit Certificate Program Notice by TDHCA

In Client and Friends Memos, Texas Legislation by BMG Memorandum

In the August 16, 2019, issue of the Texas Register (44 TexReg 4371), the Texas Department of Housing and Community Affairs (TDHCA) published the following Public Notice regarding its latest Mortgage Credit Certificate Program to assist eligible very low, low, and moderate income first-time homebuyers with the purchase of a residence located within the State of Texas   Full Memorandum

Texas Legislative Update IV – Bills Effective September 1, 2019 and Later

In Client and Friends Memos, Texas Legislation by BMG Memorandum

This legislative update summarizes bills from the 2019 Legislative Session that are effective on or after September 1, 2019, that we believe are of interest to our clients. Previous to this legislative update, we issued Legislative Update I, summarizing Senate Bill 2330 granting certain individuals temporary authority to act as residential mortgage loan originators in Texas; Legislative Update II, summarizing …

Texas Legislative Update III – Bills Effective Immediately

In Client and Friends Memos, Texas Legislation by Warren McCallum

This legislative update summarizes bills from the 2019 Legislative Session that are effective immediately that we consider are of interest to our clients. Previous to this legislative update, we issued Legislative Update I, summarizing Senate Bill 2330 granting certain individuals temporary authority to act as residential mortgage loan originators in Texas, and Legislative Update II, summarizing Senate Bill 614 and …

Texas Legislative Update II – Finance Commission of Texas, Department of Banking, Savings and Mortgage Lending Department, Office of Consumer Credit Commissioner continued in existence to September 1, 2031.

In Client and Friends Memos, Texas Legislation by Warren McCallum

This legislative update summarizes Senate Bill 614 and House Bill 1442 from the 2019 Regular Session of the 86th Texas Legislature. Senate Bill 614 continues in existence the Finance Commission of Texas, the Department of Banking and the Savings and Mortgage Lending Department to September 1, 2031. House Bill 1442 continues in existence the Office of Consumer Credit Commissioner to …

Texas Legislative Update I – Senate Bill 2330 Grants Temporary Authority for Residential Mortgage Loan Originator Applicants

In Client and Friends Memos, Texas Legislation by BMG Memorandum

Effective for applications submitted to the appropriate Texas regulatory official on or after November 24, 2019, Senate Bill 2330 grants temporary authority for certain individuals to act as a residential mortgage loan originator in Texas for a period not exceeding 120 days if the conditions and requirements of new Section 180.0511, Texas Finance Code, added by Senate Bill 2330 are …

TREC Adopts New Third Party Financing Addendum TREC NO. 40-8

In Client and Friends Memos, Texas Legislation by BMG Memorandum

This memorandum advises our clients that effective March 1, 2019, the Texas Real Estate Commission (TREC) adopts a new Third Party Financing Addendum form (TREC NO. 40-8) that replaces the current Third Party Financing Addendum form (TREC NO. 40-7) as an addendum to be added to TREC contracts when there is a condition for third parry financing for all or …

Mortgage Credit Certificate Program Notice by TDHCA

In Client and Friends Memos, Texas Legislation by BMG Memorandum

In the December 21, 2018, issue of the Texas Register (Vol. 51, No. 43) the Texas Department of Housing and Community Affairs published the following Notice regarding its latest Mortgage Credit Certificate Program to assist eligible very low, low, and moderate income first-time homebuyers with the purchase of a residence located within the State of Texas. Notice to Public and …