Our Director of Agency Relations & Regulatory Affairs Tony Florence shares timely insights from the Texas Department of Savings and Mortgage Lending’s 11th annual Mortgage Industry Seminar in Southlake. Tony says it’s always good to reconnect with former colleagues and hear directly from regulators about the state of the mortgage regulatory environment in Texas. Among his takeaways:
Complaints
- The Department received 1,388 complaints in FY 2023, a 6.53% decrease from 1,486 complaints the year prior.
Licensing
- The number of entity licensee registrations increased 12% as of October 31, 2023 when compared to FY 2022.
- The number of Residential Mortgage Loan Originators decreased 20% as of October 31, 2023 when compared to FY 2022.
- The number of total new applications decreased 50% as of October 31, 2023 when compared to FY 2022.
Secondary Mortgage Loans
- Secondary mortgage loans will become a greater factor in 2024 due to the current interest rate environment. This is an area that Tony believes will receive more regulatory scrutiny as more secondary mortgage loans are originated.
To learn more, click on the link to view presentations from the seminar. https://www.sml.texas.gov/news/11th-annual-mortgage-industry-seminar/
*Please note: Tony Florence is not a licensed Attorney in the State of Texas.*
