| (a) Purpose. The purpose of this section is to specify
residential mortgage loan originator licensing requirements for military
service members, military veterans, and military spouses, in accordance
with Texas Occupations Code, Chapter 55.
(b) Definitions. In this section, the terms "military
service member," "military spouse," and "military veteran" have the
meanings provided by Texas Occupations Code, §55.001.
(c) Late renewal. As provided by Texas Occupations
Code, §55.002, an individual is exempt from any increased fee
or other penalty for failing to renew a residential mortgage loan
originator license in a timely manner, if the individual establishes
to the satisfaction of the OCCC that the individual failed to renew
the license in a timely manner because the individual was serving
as a military service member.
(d) Expedited license procedure. As provided by Texas
Occupations Code, §55.004 and §55.005, no later than the
30th day after the OCCC receives a complete residential mortgage loan
originator license application from a qualifying applicant who is
a military service member, military veteran, or military spouse, the
OCCC will process the application and issue a license to the applicant,
if the applicant:
(1) holds a current license in another jurisdiction
as a residential mortgage loan originator in accordance with the S.A.F.E.
Mortgage Licensing Act, 12 U.S.C. §§5101-5117; or
(2) held a residential mortgage loan originator license
in Texas within the five years preceding the application date.
(e) Authorization for military service members and
military spouses.
(1) As provided by Texas Occupations Code, §55.0041,
a military service member or military spouse may engage in business
as a residential mortgage loan originator if the member or spouse
is currently licensed in good standing in another jurisdiction as
a residential mortgage loan originator in accordance with the S.A.F.E.
Mortgage Licensing Act, 12 U.S.C. §§5101-5117.
(2) Before engaging in business in Texas, the military
service member or military spouse must comply with the notification
requirements described by Texas Occupations Code, §55.0041(b).
If the member or spouse does not obtain a residential mortgage loan
originator license in Texas, then the member or spouse is limited
to the time period described by Texas Occupations Code, §55.0041(d)-(d-1).
(3) For purposes of this subsection and Texas Occupations
Code, §55.0041, a residential mortgage loan originator license
issued in another jurisdiction is substantially equivalent to a Texas
residential mortgage loan originator license if it is issued in accordance
with the S.A.F.E. Mortgage Licensing Act, 12 U.S.C. §§5101-5117.
The OCCC will verify a license issued in another jurisdiction through
NMLS. The OCCC will review available information in NMLS no later
than the 30th day after the military service member or military spouse
submits the information required by Texas Occupations Code, §55.0041(b)(1)-(2).
(f) Credit toward licensing requirements. As provided
by Texas Occupations Code, §55.007, with respect to an applicant
who is a military service member or military veteran, the OCCC will
credit verified military service, training, or education toward the
licensing requirements, other than an examination requirement, for
a residential mortgage loan originator license, by considering the
service, training, or education as part of the applicant's employment
history.
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