| (a) Qualified Individual Required. A mortgage company
must appoint at least one originator to be the mortgage company's
qualifying individual for purposes of Tex. Fin. Code §156.002
(Qualified Individual). As provided by Tex. Fin. Code §156.002,
the Qualified Individual is a personal representative of the mortgage
company and is deemed to have authority to bind the mortgage company
concerning its operations in Texas. In order to serve as the Qualified
Individual the licensee must hold his or her individual license in
a status which enables him or her to engage in regulated activities
with the license, and must be sponsored by the mortgage company for
which he or she seeks to serve as Qualified Individual. A mortgage
company may appoint more than one originator as Qualifying Individual.
If a mortgage company appoints more than one originator to serve as
Qualified Individual, each such originator is deemed to serve concurrently
and is responsible for all of the originators sponsored by the mortgage
company or individuals otherwise allowed to act as originator on its
behalf.
(b) Consent Required. The appointment of the Qualified
Individual must be consented to by the originator. The originator
must acknowledge and confirm his or her consent by making a corresponding
license record amendment in NMLS to reflect such appointment using
the appropriate form prescribed by NMLS.
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