As previously announced, final amendments to 7 Tex. Admin. Code Pt. 80 & 81 were made this past November (with an effective date of May 1, 2020). Among these amendments were changes to the “Conditional Pre-Qualification” and “Conditional Approval” letters required by Tex. Fin. Code § 156.105 and Supra §§ 80.201(a) & (b) and 81.201(a) & (b). Copies of these forms are posted on the Texas Department of Savings and Mortgage Lending’s website (albeit, at the time of this writing, the versions posted are those which will become obsolete in May).
We provide (upon request) the following duplicates of these forms, which will be modified to match the latest versions created by these amendments:
- Cx16682 – TX Mortgage Banker Conditional Approval Letter (Form B)
- Cx16683 – TX Mortgage Company Conditional Approval Letter (Form B)
- Cx16684 – TX Mortgage Banker Conditional Qualification Letter (Form A)
- Cx16685 – TX Mortgage Company Conditional Qualification Letter (Form A)
Notable changes include the following:
- Changing the term “Applicant” to “Prospective Applicant(s) / Applicant(s)”, since the regulations requiring these forms have also been amended to require that these forms be provided to “a mortgage applicant or prospective mortgage applicant”.
- Including the NMLS number for both the mortgage company/mortgage banker on the first page of the documents (which replaces the registration number currently disclosed), as well as including the NMLS number and contact information of the residential mortgage loan originator at the end of the documents.
Please note that our copies of these forms slightly differ from the model forms (which deviation is permitted under the afore-referenced administrative laws). Our copies will not contain the citations to administrative laws which appear in the upper left corner of the first page of the model forms and we will replace selection lines with checkboxes.
To provide clients more time to test these forms, they will be available on our Stage environment beginning March 9, 2020. They will be available on Production for clients who have requested them on May 1, 2020.
If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
Update: Since this announcement was posted, the Department of Savings and Mortgage Lending has published copies of the newest versions of these forms on their website. These differ slightly from the final versions published in the Texas Register; as a result, we will be tweaking our copies to more closely align with the forms published on the Department’s website.
DR 310832