|
Texas Licensing Alert!!!
The Texas Department of Savings and Mortgage
Lending (SML) has made some signficant changes that will affect the renewal of your existing Mortgage Broker/Loan Officer
License.
-
Education Requirements
- As part of the 15 hour renewal requirements, Loan Officers and Mortgage
Brokers are now required to take "at least 8 hours of CORE, with the remaining hours from Ethics or Continuing Education."
-
The Ethics course may not
be taken as a home study course or on-line. You must sign up for a classroom or classroom equivalent.
-
BrokerCE.com
has your SOLUTION. Click here for more information Course Catalog.
-
Financial Requirements for Mortgage
Brokers - Mortgage Brokers must submit updated financial information prior to their renewal date. The
SML has new net worth calculations. Don't wait until the last minute. Submit your financial information at least
30 to 45 days prior to your license expiration date. Click here for more information. http://www.sml.state.tx.us/Financial%20Statements%20Notice.htm
-
-
License Renewal - A
mortgage broker or loan officer may renew their license up to 90 days prior to the license expiration date.
Example: If you license expires December 1, 2006, you may renew your license any time after September 1, 2006, but not
before that date.
-
If you allow your license to expire, you will have 90
days to renew the license and pay a late fee of $187.50.
-
If you fail to renew within the first 90 days, you must
re-apply for the license, and that includes successful completion of the pre-licensing exam, obtaining new fingerprint cards
and submiting payment for background check.
|
 |
|