Client Memo - Good News for a New Year: Update on Proposed Rule Changes - Texas Department of Savings & Mortgage Lending

December 30, 2020

The required rule review of Chapters 80 and 81 by the Texas Department of Savings & Mortgage
Lending concluded Friday December 11th with final adoption by the Finance Commission of Texas.
These changes will be published in the Texas Register on January 1, 2021 and become
immediately upon publication.

§81.200. Eliminates the requirement for a mortgage banker or originator to post disclosures at a
physical office. The adopted rules do impose a new requirement to disclose Nationwide Mortgage
Licensing System and Registry (NMLS) identification information on all correspondence from a
mortgage company or sponsored originator.

§81.203. Eliminates the requirement that a mortgage banker or its sponsored originator recite the
mortgage banker's address when making an advertisement.

§81.206. Eliminates the requirement that a mortgage banker post its hours of operation at such
physical office.

The complete text of final changes and other substantial modifications not listed here can be found
on pages 135-155 of the Finance Commission meeting packet, or in the Texas Register once it is
published. You can also click here to read the original October 1, 2020 Client Memo.