| (a) Specific Notice to Applicant by Mortgage Banker.
An originator sponsored by a mortgage banker under Finance Code, Chapter
157 must provide the following notice to a residential mortgage loan
applicant with an initial application for a residential mortgage loan,
and the mortgage banker and its sponsored originator must maintain
in their records, evidence of timely delivery of such disclosure:
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(b) Specific Notice to Applicant by Mortgage Company.
An originator sponsored by a mortgage company under Finance Code,
Chapter 156 must provide a residential mortgage loan applicant with
the notice required by §80.200(a) of this title at the time of
the initial application for a residential mortgage loan and must maintain
or otherwise ensure the mortgage company maintains in its records,
evidence of timely delivery of such disclosure.
(c) Posted Notice on Mortgage Banker Websites and Social
Media Sites. A mortgage banker or its sponsored originator must post
in conspicuous fashion the following notice on each website and social
media site of the mortgage banker 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 banker or sponsored originator, or from which the
mortgage banker or sponsored originator advertises to solicit such
business, as provided by §81.203 of this title:
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(d) Posted Notice on Mortgage Company Websites and
Social Media Sites. An originator sponsored by a mortgage company
under Finance Code, Chapter 156 must comply with the requirements
of §80.200(b) of this title.
(e) Disclosures in Correspondence. An originator must
provide the following information on all correspondence sent to a
mortgage applicant:
(1) the name of the mortgage banker or mortgage company
sponsoring the originator, followed by its NMLS identification number;
and
(2) the name of the originator, followed by the originator's
NMLS identification number.
(f) The determination of what constitutes a mortgage
application for purposes of triggering the notice required by subsections
(a) and (b) 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).
(g) The notice under subsection (c) 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 under subsection (c) of this section is deemed to be conspicuously
posted on a social media site when it is readily apparent or otherwise
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 banker 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 §81.200 adopted to be effective July 5, 2012, 37 TexReg 4873; amended to be effective September 5, 2013, 38 TexReg 5703; amended to be effective November 5, 2015, 40 TexReg 7623; amended to be effective January 3, 2021, 46 TexReg 157 |
