Texas 83rd Legislative Session Update: CHSB 1601
C.H.S.B 1601 has a goal of making the mortgage originator licensing process less difficult by decreasing the amount of individual licenses available, and limiting it to one license type. The bill would amend the finance code. It plans to place firm state regulation(s) on residential mortgage loan organizations, registering of financial service companies, and the licensing process of residential mortgage loan originators. Presently, many of the numerous licenses available cover essentially the same information, and for simplicity’s sake it is proposed that they condense into one process. This is expected to alleviate ineffective procedural holdups that have been long present in the industry.