Last Friday, December 12, the Texas Finance Commission met for one of their regular bi-monthly meetings. TMHA’s Executive Director, DJ Pendleton, was in attendance as he is for all the commission meetings.
Pertinent to personal property residential mortgage loan originators in Texas, the commission voted to move forward with two administrative rule revisions that will now be posted in the Texas Register and open for public comment.
Both proposed changes are minor, and will benefit mortgage loan originators licensed with the NMLS and through the Texas Office of Consumer Credit Commissioner (OCCC). The first proposed rule would allow the OCCC, upon individual review of case-by-case circumstances, to refund or transfer the portion of the MLO fees. Currently the rules do not allow for any type of refund or transfer, but this proposed rule would give the OCCC the flexibility needed to refund those fees when the circumstances warrant a refund determine by the OCCC staff. For reference, the MLO application and renewal fee is set by the Finance Commission not to exceed $300. The various system fees are set by the NMLS and under the proposed rule would still not be refundable under any circumstances.
The second change applies to the broader category of “registered creditors,” which specifically includes those registered creditors under Chapter 347 of the Texas Finance Code. Chapter 347 is the specific chapter in the Texas Finance Code for MH personal property creditors. The current rules require a demonstration of registration by affixing an OCCC specific decal to the door, window or in a prominent location visible to consumers. However, with modernization efforts at the OCCC through more online portals and automation, the OCCC is ceasing issuing decals. The proposed rule change would substitute the decal for a certificate that creditors can print from the OCCC’s online licensing portal for free, or pay $10 to have a copy sent by mail to them from the OCCC. The proposed rules would remove the display provisions of the new certificate.
For more on the proposed rules you can look at the commission’s meeting materials found here: http://www.fc.texas.gov/packet/fc-121214.pdf#page=47