Cx3581 is provided pursuant to the provisions of Tex. Fin. Code § 156.303(a), which states the following (in relevant part):
“The commissioner [of the Department of Savings and Mortgage Lending] may order disciplinary action against a licensed or registered residential mortgage loan company when the commissioner, after notice and opportunity for hearing, has determined that the company:
(13) acted in a dual capacity of a residential mortgage loan company and real estate broker, salesperson, or attorney in a transaction without the knowledge and written consent of the mortgage applicant or in violation of applicable requirements under federal law.” (text as amended by 2013 Tex. Sess. Law Serv. ch. 160 [S.B. 1004], effective September 1, 2013)
The Department publishes a model form for this requirement on their website (http://www.sml.texas.gov/ResidentialMortgageLoanOriginator/rmlo_mb_forms.html; “Disclosure of Multiple Roles”), of which Cx3581 is a duplicate.
Due to recent changes to the governance of mortgage loan originators in Texas (effective in September), the language of this model form has been altered. Besides some minor changes, the only substantive change is in the first paragraph, which originally stated the following:
“In connection with your efforts to identify a 1-4 family residence for purchase and your efforts to obtain financing for that purchase, I will be acting as your mortgage broker or loan officer and in the following role(s) (check all that are applicable):”
The first paragraph is now as follows:
“In connection with your efforts to identify residential real estate (as defined in Texas Finance Code Chapter 180.002(20)) for purchase and your efforts to obtain financing for that purchase, I will be acting as your mortgage loan originator and in the following role(s) (check all that are applicable):”
We will be updating Cx3581 to reflect these changes and the updated version of the document will begin printing in appropriate packages on September 17, 2013. If you have any questions or concerns about these changes please contact Client Support at 1.800.497.3584.
September 10, 2013