(a) To be issued an independent contractor loan processor or underwriter company license under this chapter, an applicant must:
(1) submit a completed application together with the payment of applicable fees through the Nationwide Mortgage Licensing System and Registry;
(2) designate control persons for the company through the Nationwide Mortgage Licensing System and Registry;
(3) designate an individual licensed as a residential mortgage loan originator under Chapter 157 as the company's qualifying individual; and
(4) not be in violation of this chapter, a rule adopted under this chapter, or any order previously issued by the commissioner to the applicant.
(b) An independent contractor loan processor or underwriter company or a sponsored residential mortgage loan originator is not authorized to originate residential mortgage loans with a license issued under Subsection (a).
(c) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 160, Sec. 87(5), eff. September 1, 2013.
Official text of the Texas Finance Code as published by the Texas Legislative Council.