| (a) Specific Notice to Applicant. A mortgage company
or its sponsored originator must provide the following notice to a
residential mortgage loan applicant with an initial application for
a residential mortgage loan, and the mortgage company must maintain
in its records evidence of the timely delivery of such disclosure:
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(b) Posted Notice on Mortgage Company Websites and
Social Media Sites. A mortgage company or its sponsored originator
must post in conspicuous fashion the following notice on each website
and social media site of the mortgage company or sponsored originator
that is accessible by a mortgage applicant or prospective mortgage
applicant and either used to conduct residential mortgage loan origination
business by the mortgage company or sponsored originator, or from
which the mortgage company or sponsored originator advertises to solicit
such business, as provided by §80.203 of this title (relating
to Advertising):
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(c) Disclosures in Correspondence. A mortgage company
must provide the following information on all correspondence sent
to a mortgage applicant:
(1) the name of the mortgage company, followed by the
mortgage company's NMLS identification number; and
(2) if the correspondence is from a sponsored originator,
the name of the sponsored originator, followed by the sponsored originator's
NMLS identification number.
(d) The determination of what constitutes a mortgage
application for purposes of triggering the notice required by subsection
(a) of this section will be made in accordance with applicable federal
law determining what constitutes an application for purposes of the
Truth in Lending Act, as implemented and defined by the Consumer Financial
Protection Bureau in Regulation Z (12 C.F.R. §1026.2).
(e) The notice required by subsection (b) of this section
is deemed to be conspicuously posted on a website when it is displayed
on the initial or home page of the website (typically the base-level
domain name) or is otherwise contained in a linked page with the link
to such page prominently displayed on such initial or home page. The
notice required by subsection (b) of this section is deemed to be
conspicuously posted on a social media site when it is readily apparent
or easily accessible to the mortgage applicant or prospective mortgage
applicant upon visiting the home page, profile page, account page,
or similar, on such social media site, without the necessity to review
various historical content posted by the mortgage company or sponsored
originator in order to derive the information required by the notice,
which may include an interactive link to the information with such
link prominently displayed on such home page, profile page, account
page, or similar.
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| Source Note: The provisions of this §80.200 adopted to be effective July 5, 2012, 37 TexReg 4866; amended to be effective September 5, 2013, 38 TexReg 5702; amended to be effective January 7, 2018, 42 TexReg 7582; amended to be effective January 3, 2021, 46 TexReg 151 |
