Loan modification in Texas is not much different than in other states. However, your best bet might be to look for a non-profit agency that can counsel you on how to get your mortgage modified in Texas. Houston, Austin, Texas, San Antonio and Lubbock all have great loan modification experts. Just make sure that you get referrals before you use one. Ask the person for a license. In Texas, the regulatory agency has decided recently that anyone actively engaged in loan modification must be licensed, and they are working with operators to being them into compliance.
Archive for the ‘Compliance’ Category
Loan Modification In Texas
Wednesday, October 14th, 2009Mortgage Loan Modification In Texas
Thursday, June 4th, 2009If you are in Houston, Dallas, San Antonio or any city in Texas doing loan modifications, or loss mitigations, you must be licensed…
From: licensing@sml.state.tx.us
To: Mortgage Brokers
Loan Officers
Mortgage Bankers
Continuing Education Providers
Financial Services Companies
CC: TDSML Listserv
Subject: Loss Mitigation Providers
There is much discussion among the state regulators regarding the necessity for licensure of loss mitigation providers, loan modification consultants, or foreclosure consultants (herein “loss mitigation providers”). Fortunately there is no ambiguity in Texas: any activity that meets the definition of a mortgage loan as defined in the Mortgage Broker License Act Regulation, 7 Texas Administrative Code, Chapter 80, does require a license unless exempt under the Mortgage Broker License Act, Finance Code Chapter 156.202.
80.2(5) “Mortgage Loan” means any indebtedness secured by a lien against, or security interest in, one-to-four family residential real property when the property is intended to be occupied for residential purposes whether or not the property is acquired for investment purposes or acquired for owner occupancy. It includes new loans and renewals, extensions, modifications, and rearrangements of such loans. The term does not include a loan which is secured by a structure that is suitable for occupancy as a one-to-four family residence, but is used for a commercial purpose such as a professional office, beauty salon, or other non-residential use, and is not used as a residence.
It is not the intent of the department to stop the valuable work loss mitigation providers are doing during this period of financial uncertainty. If a loss mitigation provider voluntarily comes forward to apply for licensure, the department will work with the provider by issuing a provisional license so that the provider may continue to conduct business while meeting the educational and examination requirements of the license. The provider should contact the Division of Licensing at licensing@sml.state.tx.us for details.
Douglas B. Foster
Commissioner
Appraisal Rules
Friday, May 29th, 2009On May 1st, every mortgage broker in the country, as I understand it, was forced to move to a blind appraisal system. What this means is that as brokers, we can no longer order our own appraisals through our appraiser of choice.
I believe that this makes for an overall fair process for everyone invloved. This means that the customer and realtors involved understand up front that I have no control of the appraisal process AND THAT NEITHER DOES ANY OTHER MORTGAGE BROKER.
Home Equity customers, interested in getting as much cash as possible, have been tempted to shop for more agreeable appraisals, while listing agents have always tended to offer “a recommended appraiser” when you tell them that your appriaser doesn’t think that the house is worth what they are selling it for.
Previously, if the mortgage broker did not cooperate, the home equity customer could be lured away by another broker with a more lenient appraiser or a listing agent could just look for another buyer, putting undue pressure on the broker to look for higher appraisal amounts or appraisers who might overlook poor conditions.
No more. The house is what it is.
