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Texas Mortgage License |
Texas mortgage license is essential or each and every individual who sells or lend home loan products to home buyers and borrowers living in the state of Texas. Mortgage brokers and bankers are required to have their state license in order to operate in any part of the state. The Texas Department of Savings and Mortgage Lending is responsible for the regulation of the license of home loan bankers and brokers. The department has certain requirements, which the applicants are required to fulfill if they want to get their TX Mortgage License.
Texas Mortgage Broker License Requirements
According to the Department of Savings and Mortgage Lending, home loan brokers in Texas are required to maintain a physical office within the state to get their license. The applicants should provide a minimum net worth of $25,000 and maintain a surety bond in amount of $50,000. In addition, Texas has licensing requirements for branch office and loan officers. It is essential for the brokers to pay a licensing fee of $375 and $175 in case of entity mortgage brokers. They are also required to have a minimum experience of 3 years in the mortgage industry and an educational qualification of 1.5 years including a college degree.
Texas Mortgage Banker License
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Home loan bankers in the state of Texas are not required to have any physical office inside the state to get the state license. However, it is essential for them to maintain a minimum net worth of $250,000. There is no surety bond or loan officer licensing requirement for applicants of banker license. They are require to pay $400 as state initial fee and the state renewal fee is $400. Moreover, there is no specific educational or qualification requirements for the mortgage banker license applicants.
The applicants should submit the complete application together with all the essential licensing fees and documents to the Department of Savings and Mortgage Lending in time. They could also seek the help of some mortgage licensing companies who provide pre-licensing education programs and training courses.
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