On November 23, 2024, Texas Department of Savings and Mortgage Lending adopted various new rules. See blog posts here and here. One of the new requirements from these rules is for the name, NMLS and website of the Mortgage Company or Mortgage Broker to be included in all correspondence with the borrower. See 7 TAC §§ 55.200(c), 56.200(d), and 57.200(d). These new requirements take effect on January 1, 2025.
To comply with this new rule, we have created a new document entitled “Texas Correspondence Disclosure”, Cx28042. This document will print different name, NMLS, and website information for Mortgage Companies and/or Brokers, depending on how clients have field 118757 “Texas License Type” set. This field has options for ‘Chapter 156’ (Mortgage Bankers) that will trigger Mortgage Banker fields to be used, and ‘Chapter 157’ (Mortgage Brokers) that will trigger Mortgage Broker fields. If 118757 “Texas License Type” is not set, the document will print labels and fields for both Mortgage Bankers and Mortgage Brokers.
Field 118757 “Texas License Type” will also be used to trigger the document, as it will print for all Texas license types except ‘Other License Type (National, 342, etc.)’. Please note that this disclosure will print for all Texas loan packages to ensure that all correspondence with the borrower includes this required information. As always, clients needing to adjust the content or print triggering of Cx28042 should contact Client Support to turn in a Document Request to get the changes made.
These changes are available for testing on Stage & Stage 2 servers and will take effect on January 1, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
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