Effective January 7, 2018, the Finance Commission of Texas on behalf of the Department of Savings and Mortgage Lending revised the Texas Mortgage Company Disclosure (the “Disclosure”) that a residential mortgage loan originator sponsored by a Texas licensed residential mortgage loan company must give to a residential mortgage loan applicant with the initial application for a residential mortgage loan. The revised disclosure is hyperlinked to this memorandum: click here. A facsimile of the revised Disclosure is also attached to this memorandum on page 2. The revised Disclosure replaces the current Disclosure in 7 TAC §80.200(a) of the Texas Administrative Code. The revised Disclosure simplifies the information contained in the Texas Mortgage Company Disclosure, which will create parity with the Texas Mortgage Banker Disclosure. In addition, the Disclosure is amended to add clarifying language, including that residential mortgage loan originators will be paid in compliance with Regulation Z.
