RULE §2.102 Registration with Nationwide Mortgage Licensing System and Registry

Published: 2015

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(a) Individuals. Individuals applying for a license
with the OCCC and who, for actual or expected compensation or gain,
take a residential mortgage loan application, or who offer or negotiate
the terms of a residential mortgage loan, are required to register
with NMLS, except for individuals engaged in authorized activity subject
to the authority of a regulatory official under Texas Finance Code,
(b) Entities. Entities licensed or applying for a license
with the OCCC to make, transact, or negotiate residential mortgage
loans are not required to register with NMLS.
(c) Withdrawal of application. If an application is
not completed within 30 calendar days after notice of deficiency has
been sent to the applicant, the application may be considered abandoned
and will be withdrawn.
(d) Inactive status. The OCCC may issue a license in
an inactive status if the applicant complies with all requirements
of licensure and completes the required application except for the
requirement of providing an employer. After the inactive RMLO has
submitted an employer and the OCCC has verified that the employer
is currently registered or licensed by the OCCC, the license may be
changed to active status.
(e) Conditional status. The OCCC may issue a license
on a conditional basis.

Source Note: The provisions of this §2.102 adopted to be effective May 6, 2010, 35 TexReg 3470; amended to be effective November 7, 2013, 38 TexReg 7681

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