| (a) A licensee may consider making the following types
of changes to the second lien home equity loans plain language model
clauses:
(1) Adding information related to information set forth
in the model clauses that is not otherwise prohibited by law;
(2) Substituting another term for "Lender" or "Borrower"
that has the same meaning, or using pronouns such as "you," "we,"
and "us";
(3) Presenting the model clauses in any order, and
combining or further segregating the model clauses;
(4) Inserting descriptive headings or number provisions;
(5) Changing the case of a word if otherwise permitted
by the Texas Finance Code; or
(6) Making other changes that do not affect the substance
of the disclosures.
(7) A licensee may place its NMLS ID number, the individual
residential mortgage loan originator's name, or the originator's NMLS
ID on any portion of a document requiring this information, including
the signature page. To the extent allowed by Regulation Z, 12 C.F.R. §1026.36(g),
and the official commentary to that section, a licensee may omit:
(A) the licensee's NMLS ID number, if the licensee
does not have an NMLS ID number and is not legally required to obtain
one; and
(B) the individual residential mortgage loan originator's
NMLS ID number, if the originator does not have an NMLS ID number
and is not legally required to obtain one.
(8) A sample model note is presented in the following
example.
Attached Graphic
(9) A sample model security document is presented in
the following example.
Attached Graphic
(b) A licensee has considerable flexibility to arrange
the format of the model form if the revised format does not significantly
adversely affect the substance, clarity, or meaningful sequence of
the disclosures.
|
| Source Note: The provisions of this §90.404 adopted to be effective August 31, 2006, 31 TexReg 6680; amended to be effective March 15, 2007, 32 TexReg 1233; amended to be effective September 6, 2007, 32 TexReg 5665; amended to be effective September 9, 2010, 35 TexReg 8104; amended to be effective November 5, 2015, 40 TexReg 7635; amended to be effective July 9, 2020, 45 TexReg 4501 |
