Department of Savings and Mortgage Lending
Recent News About Department of Savings and Mortgage Lending
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Texas mandates annual continuing education for mortgage loan originators
Residential mortgage loan originators (MLOs) in Texas are required to complete a minimum of eight hours of continuing education annually to maintain their licenses, as mandated by Tex. Fin. Code §§157.015(a)(3) and 180.060. This requirement ensures that MLOs stay updated with industry practices, regulations, and ethical standards.
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Texas Finance Commission approves FY25 budget with increased licensing fees
On August 16, 2024, the Finance Commission of Texas approved the Department’s FY25 budget. The budget includes the following licensing and registration fee increases:
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Public hearing set for Texas finance agencies' fiscal year 2025 budget proposals
The Office of Consumer Credit Commissioner, the Department of Savings and Mortgage Lending, and the Texas Department of Banking will conduct a public hearing to receive public comment on their proposed budgets for fiscal year 2025. The hearing is scheduled for August 8, 2024, at 10:00 a.m., at the State Finance Commission Building, located at 2601 North Lamar Boulevard, Austin, Texas, in the William F. Aldridge Hearing Room (Third Floor). The event will be webcast live. Registration for the webcast can be completed by visiting www.fc.texas.gov.
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Joint Financial Regulatory Agencies to Review Home Equity Lending Rules
The Joint Financial Regulatory Agencies have announced their intention to review home equity lending rules. According to a report released on March 4, 2024, the agencies will be accepting informal comments on the rule review until March 28 at 5:00 p.m.The rule review notice can be found on the official website of the Office of Consumer Credit Commissioner (OCCC) in Texas. The document outlines the purpose of the review and provides details on how interested parties can participate in the process.In a statement, the agencies stated, "The Joint Financial Regulatory...