|(a) Purpose and Applicability. The purpose of this
section is to specify how an individual licensed in another jurisdiction
or by a different licensing authority as an originator, or is a "registered
mortgage loan originator" (as defined by Finance Code §180.002(16)),
may avail himself or herself of the ability to act in the capacity
of an originator in Texas temporarily while he or she seeks licensure
by the Department, as provided by Tex. Fin. Code §180.0511.
(b) Application Required. An individual seeking to
act under temporary authority must comply with the requirements of
Tex. Fin. Code §180.0511. Among other requirements, Tex. Fin.
Code §180.0511 requires that the individual file an application
with the Department seeking licensure in order to be recognized as
having temporary authority. An individual must not act or attempt
to act in the capacity of an originator until such application has
been filed and the individual has been assigned an NMLS license status
code by the Department recognizing such temporary authority. Several
status codes reflect and recognize such temporary authority. An individual
may confirm his or her temporary authority by reviewing his or her
status on the NMLS Consumer Access website (nmlsconsumeraccess.org).
(c) Incomplete Applications. The requirements of §81.100(h)
(relating to Licensing - General), providing for the deemed withdrawal
of an application that is not complete, are inapplicable to an application
for which temporary authority is conferred.