credit: Texas Loan Officers and Mortgage Brokers will now be held to a higher standard!!
- 02/25/10 09:29 AM
The Texas Department of Savings and Loans will now require more of licensed Loan Officers and Mortgage Brokers. The SAFE Act will require all LO's and Brokers to apply with the state and a credit report will be pulled. The state wants to see financial responsibility. The following list are items that would cause the state to consider revoking their license:
Bankruptcies filed within the last 10 years; Current outstanding judgments (except judgments solely as a result of medical expenses); Current outstanding tax liens or other government liens; History of and current collection accounts; Foreclosures within the past three years; … (2 comments)
The Texas Department of Savings and Loans will now require more of licensed Loan Officers and Mortgage Brokers. The SAFE Act will require all LO's and Brokers to apply with the state and a credit report will be pulled. The state wants to see financial responsibility. The following list are items that would cause the state to consider revoking their license:
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