(a) At the time an applicant submits an application to a residential mortgage loan originator sponsored by and conducting business for a licensed or registered residential mortgage loan company under this chapter, the residential mortgage loan originator shall provide to the applicant a disclosure that specifies:
(1) the nature of the relationship between the applicant and the residential mortgage loan originator;
(2) the duties the residential mortgage loan originator has to the applicant; and
(3) how the residential mortgage loan originator will be compensated.
(b) The finance commission, by rule, shall adopt a standard disclosure form to be used by the residential mortgage loan originator.

Terms Used In Texas Finance Code 156.004

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Rule: includes regulation. See Texas Government Code 311.005
  Previous section
Next section  
 Subchapter A Contents