This Course Includes:
- OIL – 3 Hour TX-SML SAFE Online PE – TX SML – Texas State Law (4463)
This 3 hour course covers Texas Law relevant to Mortgage Loan Originators (MLOs) and meets the the education requirements as laid out by the Texas Department of Savings and Mortgage, or the TX-SML.
Online Instructor Led (“OIL”). This education is delivered in the Online Instructor Led format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important NMLS specifications include:
• Defined start and end dates (See Course Calendar at top of page).
• Interaction with the instructor and students through forum activities
• Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
This course covers critical areas of Texas Mortgage law, including:
Texas SAFE Mortgage Licensing Act of 2009 (TFC Title 3, §180): The Texas SAFE Act law defines what constitutes being a residential mortgage loan originator (RMLO) and details licensing requirements and renewal requirements
Residential Mortgage Loan Company Licensing and Registration Act (TFC Title 3, §156) and Mortgage Banker and RMLO statutes (TFC Title 3, §157): Governs Licensing and conduct for Mortgage Loan Companies, Mortgage Bankers and RMLOs with regards to loan origination activities of other financial institutions under the jurisdiction of the Department of Savings and Mortgage Lending.
Home Equity Loans Laws (Texas Constitution Article XVI, §50): Describes the constitutional rights and rules regarding Homestead and extensions of credit based on liens on the equity of a homestead.
Reverse Mortgage Laws (Texas Constitution Article XVI, §50): Describes the product and regulation of reverse mortgages with regards to the product being a lien on a homestead
Foreclosure Laws (Texas Property Code, Title 5): Discusses the process for non-judicial foreclosure as well as the handling of deficiencies. Texas SML Examination Procedures: Procedures discussed by the department detailing the method and process with regards to examinations
Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of Texas. Specifically, RMLOs will understand key laws governing registration and compliance, homestead laws regarding home equity liens and foreclosure, and TX-SML examination procedures.