Mortgage Broker InfoInformation about the mortgage broker
ADSML - FAQ - Mortgage brokers/credit officers General questions
I' m a mortgage lender and I transfer a data to another author who can get credit items that I can't get. Property I own a mortgage bank and a realtor wants to come and work for me as a mortgage lender. Could they be a private mortgage lender and a realtor for the same deal?
The Mortgage Broker License Act, however, stipulates that the person must submit a prior notice in writing to the customer and obtain the customer's prior approval in writing. A number of very peculiar rules exist in the rules of the Mortgage Broker License Act (7 TAC Chap. 80) and the rules of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act (7 TAC Chap. 81).
They must reveal your name, your licence number/unique identification and the name of your sponsors. They may only promote those commodities that are actually available, and if they are submitted to specific or abnormal terms or regulatory requirement, those terms and regulatory requirement must be made public. Do I need to keep a printed copy of the applications file or can I scan it into a computer-based electronic file and store it on my computer disk or other device?
Mortgage Broker License Act Rules (7 TAC 80 Chapter) and Mortgage Banker Registration and Residential Mortgage Loan Originator License Act Rules (7 TAC 81 Chapter) contain a full list of accounts and records every license holder must keep for three years (or for one or more periods as determined by state and/or federal law and regulation).
There is no specific specification of the data set formats to be kept; however, the data sets must be full, up-to-date, readable, easily available and in a form that is easy to organise. Therefore, the Department hereby acknowledges that the necessary care of Book and Record i may be carried out by scans of the information into a computer-assisted electronic CD or other device provided that the information in the computer-assisted electronic CD complies with the above section and all relevant local or provincial legal and regulatory provisions.